Company: BEP
Filing Date: 2025-11-12
Form Type: 424B5
Source: 0001193125-25-275856
Chunk: 40

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-11-12
Form: 424B5
Chunk 40
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 tax adviser regarding the limitations on the deductibility of losses under the Code.

Limitations on deductibility of organizational expenses and syndication fees.

In general, neither the Partnership nor any U.S. Holder may
deduct organizational or syndication expenses. Similar rules apply to organizational or syndication expenses incurred by BRELP. Syndication fees (which would include any sales or placement fees or commissions) must be capitalized and cannot be
amortized or otherwise deducted.

Limitations on interest deductions.

A U.S. Holder’s share of the Partnership’s interest expense, if any, is likely to be treated as “investment interest”
expense. For a non-corporate U.S. Holder, the deductibility of “investment interest” expense generally is limited to the amount of such holder’s “net investment income”. Net
investment income includes gross income from property held for investment and amounts treated as portfolio income under the passive loss rules, less deductible expenses, other than interest, directly connected with the production of investment
income, but generally does not include gains attributable to the disposition of property held for investment. A U.S. Holder’s share of the Partnership’s dividend and interest income will be treated as investment income, although
“qualified dividend income” subject to reduced rates of tax in the hands of an individual will only be treated as investment income if such individual elects to treat such dividend as ordinary income not subject to reduced rates of tax.
In addition, state and local tax laws may disallow deductions for a U.S. Holder’s share of the Partnership’s interest expense. Under Section 163(j) of the Code, additional limitations may apply to a corporate U.S. Holder’s
share of the Partnership’s interest expense, if any.

Deductibility of partnership expenses by individual partners and by trusts and estates.

BEP’s operating expenses, including BEP’s allocable share of any management fees, may be treated as investment
expenses rather than trade or business expenses, in which case a non-corporate U.S. Holder’s allocable share of such expenses will be “miscellaneous itemized deductions” for U.S. federal
income tax purposes. Individuals and certain estates and trusts generally are not permitted to claim miscellaneous itemized deductions.

S-22

Treatment of Distributions

Distributions of cash by the Partnership generally will not be taxable to a U.S. Holder to the extent of such holder’s adjusted tax basis
(described above) in LP Units. Any cash distributions in excess of a U.S. Holder’s adjusted tax