Mr. Simon Maine reports

BROOKFIELD RENEWABLE TO INCREASE STAKE IN A STRATEGIC PORTFOLIO OF HYDRO ASSETS

Brookfield Renewable Partners LP and Brookfield Renewable Corp. will invest up to $1-billion to increase their equity interest to approximately 38 per cent in Isagen SA ESP.

Isagen generates stable and contracted cash flows from its large fleet of hydro assets. The business owns and operates an essential asset base, enhancing the reliability of Colombia's power grid. In addition, Isagen also has a pipeline of renewable power projects, which they are well equipped to develop and bring into production to support Colombia's growing power needs.

This transaction reaffirms Brookfield Renewable's commitment to Colombia and will result in Brookfield Renewable's ownership interest in Isagen increasing to approximately 38 per cent, increasing the proportion of their cash flows from their hydro portfolio, an increasingly strategic part of their business given its scale, dispatchability and baseload characteristics.

The transaction is expected to be immediately accretive to Brookfield Renewable's funds from operations per unit and is anticipated to be approximately 2 per cent accretive to 2026 FFO per unit, on the back of strong cash flow visibility with approximately 70 per cent of the platform's generation contracted for an average of eight years.

The investment will be financed through a combination of proceeds from non-recourse financings at the business and available liquidity. The transaction is expected to close in the third quarter.

As part of this transaction, Qatar Investment Authority, an existing co-investor in Isagen, will invest approximately $500-million and increase its equity interest in Isagen to approximately 15 per cent. This investment aligns with QIA's commitment to invest in companies that support the global transition to a low-carbon future.

About Brookfield Renewable Partners LP and Brookfield Renewable Corp.

Brookfield Renewable operates one of the world's largest publicly traded platforms for renewable power and sustainable solutions. Their renewable power portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities, and their sustainable solutions assets include an investment in a leading global nuclear service business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, material recycling, and e-fuel manufacturing capacity, among others.

Investors can access the portfolio either through Brookfield Renewable Partners, a Bermuda-based limited partnership, or Brookfield Renewable Corpo., a Canadian corporation.

Brookfield Renewable is the flagship listed renewable power and transition company of Brookfield Asset Management, a leading global alternative asset manager headquartered in New York, with over $1-trillion of assets under management.

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