Company: BEP
Filing Date: 2025-11-12
Form Type: 424B5
Source: 0001193125-25-275856
Chunk: 46

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-11-12
Form: 424B5
Chunk 46
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 General Partner and the general partner of BRELP believe is a
PFIC with respect to a U.S. Holder. Any such election should be made for the first year the Partnership holds an interest in such entity or for the first year in which a U.S. Holder holds LP Units, if later.
Non-corporate U.S. Holders making QEF Elections are also subject to special rules for determining their taxable income and basis in LP Units for purposes of the 3.8% Medicare tax (as described above under
“— Medicare Tax”).

S-25

In the case of a PFIC that is a publicly traded foreign company, and in lieu of making a QEF
Election, an election may be made to “mark-to-market” the stock of such foreign company on an annual basis (a “Mark-to-MarketElection”). Pursuant to such an election, a U.S. Holder would include in each year as ordinary income the excess, if any, of the fair market value of such stock over its adjusted
basis at the end of the taxable year. However, no assurance can be provided that any existing or future holding entities or operating entities classified as PFICs will be publicly traded. Thus, the Mark-to-Market Election may not be available to a U.S. Holder in respect of its indirect ownership interest through the Partnership in a PFIC.

Based on the organizational structure of the Partnership, as well as the Partnership’s expected income and assets, the General Partner
and the general partner of BRELP currently believe that a U.S. Holder is unlikely to be regarded as owning an interest in a PFIC solely by reason of owning LP Units during the taxable year ending December 31, 2025. However, there can be no
assurance that an existing Partnership entity or a future entity in which the Partnership acquires an interest will not be classified as a PFIC with respect to a U.S. Holder, because PFIC status is a factual determination that depends on the assets
and income of a given entity and must be made on an annual basis. Moreover, in order to ensure that it satisfies the Qualifying Income Exception, among other reasons, the Partnership may decide to hold an existing or future operating entity through
a holding entity that would be classified as a PFIC. See “— Investment Structure” below.

Subject to certain
exceptions, a U.S. person who directly or indirectly owns an interest in a PFIC generally is required to file an annual report with the IRS