Brookfield Renewable Partners L.P. (BEP) has launched an at‑the‑market (ATM) equity program that allows its parent company, Brookfield Renewable Corporation (BEPC), to issue up to $400 million of class A exchangeable voting shares directly from treasury. Proceeds from the program are earmarked for share repurchases under the partnership’s normal‑course issuer bid (NCIB) and for general corporate purposes, marking the first time the company has disclosed an ATM program.
The ATM structure lets BEPC sell newly issued shares continuously at prevailing market prices, giving the company flexibility to tap equity markets when conditions are favorable. By issuing shares on a rolling basis, the program avoids large, infrequent equity sales that could depress the share price and allows the partnership to align repurchase activity with market conditions, thereby maintaining a stable capital structure.
Because BEPC shares are exchangeable for BEP limited partnership units on a 1‑for‑1 basis, the program is designed to be non‑dilutive. Share issuances are intended to be offset by repurchases of limited partnership units, preserving the overall equity base and protecting existing unitholders’ ownership stakes.
Strategically, the ATM program provides Brookfield Renewable with a ready source of equity capital that can be deployed to support future growth, strategic acquisitions, or to strengthen the partnership’s balance sheet. The flexibility and non‑dilutive nature of the program are expected to enhance investor confidence and position the company for opportunistic capital deployment.
The program is supported by Canadian and U.S. prospectus supplements dated January 12, 2026, and follows the most recent NCIB renewal announced on December 15, 2025, which authorizes buybacks through December 17, 2026. BEPC shares remain fully exchangeable for BEP units, underscoring the close integration between the two entities.
RBC Capital Markets highlighted the non‑dilutive nature of the program, underscoring investor interest in the partnership’s ability to raise capital while maintaining its capital structure.
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