Company: BEP
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001533232-25-000006
Chunk: 312

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 312
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 2024, Brookfield Renewable, together with its institutional partners, completed the sale of a 95 MW under construction utility-scale solar development in Germany to an affiliate of Brookfield. As a result of the sale, a gain on disposition of $23 million ($5 million net to Brookfield Renewable) was recorded within Other Income in the consolidated statement of income (loss).

Brookfield Renewable from time to time may enter into agreements with Brookfield and its subsidiaries to transfer income tax credits generated by renewable energy projects. These agreements are typically entered into at market rates. During the year ended December 31, 2024, Brookfield Renewable transferred $131 million (2023: nil) of income tax credits to Brookfield and its subsidiaries.

From time to time Brookfield Wealth Solutions and its related entities may participate in capital raises undertaken by Brookfield Renewable. Brookfield Wealth Solutions frequently participates alongside market participants at market rates and as at December 31, 2024, $65 million of non-recourse borrowings (2023: $101 million) and $7 million of corporate borrowings (2023: $8 million) were due to Brookfield Wealth Solutions. Brookfield Wealth Solutions has also subscribed to tax equity financing of $1 million (2023: $2 million) and preferred limited partners equity of $10 million (2023: $11 million). As at December 31, 2024, Brookfield Renewable had $348 million (2023: $450 million) of borrowings from Brookfield Wealth Solutions classified as due to related party.

On December 24, 2024, Brookfield Renewable, Brookfield Renewable Holdings Corporation (“ BRHC”) and BEPC completed an arrangement (the “ Arrangement”), pursuant to which 1505127 B. C. Ltd. (which was renamed Brookfield Renewable Corporation) became the “successor issuer” (as defined in NI 44-101) to the former BEPC, which was renamed Brookfield Renewable Holdings Corporation and BRHC’s class A exchangeable subordinate voting shares were delisted. The purpose of the Arrangement was to allow Brookfield Renewable to maintain the benefits of its business structure, while addressing proposed amendments to the Income Tax Act (Canada) that were expected to result in additional costs to BEPC if no action was taken. In connection with the Arrangement, among other things, (i) holders of class A exchangeable subordinate voting shares of BRHC, other than Brookfield, received BEPC exchangeable shares in exchange for their class