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Green Evaluation: Brookfield White Pine Hydro Senior Secured Notes, July 10, 2017

Brookfield White Pine Hydro LLC (BWPH) is planning to issue US$475 million of senior secured notes in July 2017. Proceeds of the offering will be used in part to refinance existing indebtedness (74% of the funds raised) for a portfolio of 21 hydroelectric facilities with an installed capacity of 380 MW primarily located in Maine. The remaining proceeds (less minor amounts for financing fees) will be used to offset funding of capital expenditure and development activities at a number of renewable projects within the Brookfield Infrastructure Fund II (BIFII). Brookfield Renewable Partners L.P. (Brookfield Renewable) retains 50% controlling interest in BWPH with the remaining interest held by third party investors in BIFII. The notes are expected to have a 15-year bullet maturity in 2032. The notes are callable at any time in whole or part. Given that BWPH generates 100% of its electricity through hydro resources and the remainder of the proceeds will be used to offset the funding of renewable projects, we consider the entire offering to be applied to green energy projects.


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