Terms

Series

5.25% Class A Preferred Limited Partnership Units, Series 17

Liquidation Preference

$25.00

Coupon Rate

5.25%

Rate Type

Fixed

Annual Dividend

$1.31

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

March 31, 2025

First Call Price

$25.00

Redemption Notice Period

25 days

Capital Stack Ranking

Junior To: All Existing And Future Indebtedness Of The Partnership, Senior Securities, All Debt And Guarantee Obligations Of Subsidiaries, Class A Preference Shares Issued By Brp Equity, Existing Preferred Units (To The Extent Of Existing Preferred Unit Guarantees From Subsidiaries); Pari Passu With: Existing Preferred Units (Series 1–16), Other Class A Preferred Units, Parity Securities; Senior To: Lp Units, Junior Securities (Any Partnership Interests Ranking Junior To Class A Preferred Units)

Regulatory (Basel III) Call

No

Tax Classification

Mlp K1

Qualifies for QDI

No

Qualifies for DRD

No

Shares Offered

8,000,000

Prospectus Summary

Brookfield Renewable Partners L.P. (BEP), a Bermuda exempted limited partnership and one of the world's largest publicly traded renewable power platforms, is offering 8,000,000 units of its 5.25% Class A Preferred Limited Partnership Units, Series 17, at a liquidation preference of $25.00 per unit. Distributions are fixed at 5.25% per annum ($1.3125 annually, or $0.328125 per quarter), paid on the last day of January, April, July, and October. The Series 17 Preferred Units are cumulative, meaning any skipped distributions accrue and must be paid in full before any distribution can be made on LP Units or other junior securities. The units are perpetual with no mandatory redemption date; BEP may call them at $25.00 on or after March 31, 2025, or earlier at $25.50 upon a Ratings Event. The Series 17 Preferred Units sit above BEP's LP Units (common equivalent) in the capital stack but below all existing and future debt of the Partnership. Critically, because BEP is a holding entity whose assets flow through subsidiaries (BRELP and operating entities), the Series 17 Preferred Units are structurally subordinated to all debt and equity obligations at the subsidiary level, including the Class A Preference Shares issued by BRP Equity and the Existing Preferred Units (Series 1–16) to the extent those benefit from subsidiary guarantees — guarantees that Series 17 holders do not receive. The units rank pari passu with all other outstanding Class A Preferred Unit series. There is no regulatory capital call provision, as BEP is a partnership, not a bank; however, a Ratings Event call (at $25.50, prior to March 31, 2025) can be triggered if a rating agency reduces the equity credit assigned to the units under its current criteria. At par, the effective yield is 5.25% ($1.3125 per unit annually). Because BEP is a Bermuda limited partnership treated as a partnership for U.S. tax purposes, distributions are generally not qualified dividends eligible for the 15%/20% preferential QDI rate, nor do they qualify for the corporate dividends-received deduction; investors should expect K-1 reporting with income character determined at the partnership level. Distributions are payable on January 31, April 30, July 31, and October 31, with a record date falling on the 15th of that same month. The dividend stopper provision blocks any distribution on LP Units or other junior securities if accrued Series 17 distributions (or parity security distributions) remain unpaid, providing a meaningful structural protection for preferred holders.

Summarized from the SEC prospectus filing.

Distribution History

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If any accrued and unpaid distributions on the Series 17 Preferred Units (or parity securities) remain outstanding, the partnership is blocked from declaring or paying any distributions on LP Units or other junior securities.

Other Preferreds from Brookfield Renewable Partners LP

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 39 (Weak)