Company: BEP
Filing Date: 2025-11-12
Form Type: 424B5
Source: 0001193125-25-275856
Chunk: 34

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-11-12
Form: 424B5
Chunk 34
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 LLP is of the opinion that at least 90% of the Partnership’s and BRELP’s gross income has been, and currently is, of a type that constitutes qualifying income. However, the portion of the Partnership’s and BRELP’s income that is qualifying income may change from time to time, and there can be no assurance that at least 90% of the Partnership’s and BRELP’s gross income in any year will constitute qualifying income. No ruling has been or will be sought from the IRS, and the IRS has made no determination as to the Partnership’s or BRELP’s status for U.S. federal income tax purposes or whether the Partnership’s or BRELP’s operations generate “qualifying income” under Section 7704 of the Code. It is the opinion of Torys LLP that, based upon the Code, Treasury Regulations, published revenue rulings and court decisions, and the factual statements and representations made by the General Partner and the general partner of BRELP, as of the date hereof, each of the Partnership and BRELP will be classified as a partnership and not as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. An opinion of counsel with respect to an issue represents counsel’s best judgment as to the outcome on the merits with respect to such issue, is not binding on the IRS or the courts, and provides no assurance that the IRS will not assert a contrary position with respect to such issue or that a court will not sustain such a position if asserted by the IRS. In rendering its opinions, Torys LLP has relied on numerous factual representations made by the General Partner and the general partner of BRELP, including but not limited to the following:

| • |     | Neither the Partnership nor BRELP has elected to be classified as a corporation for United States federal tax 
 purposes, and neither the Partnership nor BRELP has any plan or intention to elect to be so classified.       |

| • |     | For each of the Partnership’s and BRELP’s taxable years, more than 90% of each entity’s gross                                                                
 income has consisted of income of a type that Torys LLP is of the opinion constitutes “qualifying income” within the meaning of Section 7704(d) of the Code. |

Based on the foregoing, the General Partner believes that the Partnership will be treated as a partnership and not as a corporation for U.S. federal income tax purposes. If the Partnership fails to meet the Qualifying Income Exception, other than a failure which is determined by the