Company: BEP
Filing Date: 2025-11-12
Form Type: 424B5
Source: 0001193125-25-275856
Chunk: 50

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-11-12
Form: 424B5
Chunk 50
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 by a tax-exempt
organization from an unrelated trade or business that it regularly carries on, less the deductions directly connected with that trade or business. In addition, income arising from a partnership (or other entity treated as a partnership for U.S.
federal income tax purposes) that holds operating assets or is otherwise engaged in a trade or business generally will constitute UBTI. Notwithstanding the foregoing, UBTI generally does not include any dividend income, interest income, certain
other categories of passive income, or capital gains realized by a tax-exempt organization, so long as such income is not “debt-financed”, as discussed below. The General Partner believes that the
Partnership should not be regarded as engaged in a trade or business, and anticipates that any operating assets held by the Partnership will be held through entities that are treated as corporations for U.S. federal income tax purposes.

The exclusion from UBTI does not apply to income from “debt-financed property”, which is treated as UBTI to the extent of the
percentage of such income that the average acquisition indebtedness with respect to the property bears to the average tax basis of the property for the taxable year. If an entity treated as a partnership for U.S. federal income tax purposes incurs
acquisition indebtedness, a tax-exempt partner in such partnership will be deemed to have acquisition indebtedness equal to its allocable portion of such acquisition indebtedness. If any such indebtedness were
used by the Partnership or by BRELP to acquire property, such property generally would constitute debt-financed property, and any income from or gain from the disposition of such debt-financed property allocated to a
tax-exempt organization generally would constitute UBTI to such tax-exempt organization. In addition, even if such indebtedness were not used either by the Partnership
or by BRELP to acquire property but were instead used to fund distributions to LP Unitholders, if a tax-exempt organization subject to taxation in the United States were to use such proceeds to make an
investment outside the Partnership, the IRS might assert that such investment constitutes debt-financed property to such LP Unitholder with the consequences noted above. The Partnership and BRELP currently do not have any outstanding indebtedness
used to acquire property, and the General Partner and the general partner of BRELP do not believe that the Partnership or BRELP will generate UBTI attributable to debt-financed property in the future. Moreover, the General Partner and the general
partner of