Green Evaluation: Brookfield White Pine Hydro
S&P Global Ratings
Brookfield White Pine Hydro Senior Secured Project Financing Notes Receive A Score Of E1/90

Toronto (S & P Global Ratings) July 11, 2017- Brookfield White Pine Hydro (USD) $475 million of Senior Secured notes today received a score of E1/90 on S&P Global Ratings’ new Green Evaluation scale. The notes, issued by Brookfield White Pine Hydro LLC (BWPH), are being used in part to refinance existing indebtedness for BWPH’s portfolio. 

The BWPH portfolio consists of 68 generating units across 21 hydroelectric facilities, primarily located in the state of Maine with an average portfolio capacity factor of 53%. The remaining proceeds will be used to offset funding of capital expenditure and development activities at a number of renewable projects within Brookfield Infrastructure Fund II (BIF II). The majority of renewable projects in BIF II are hydroelectric, with the remainder largely wind, located in U.S., Brazil and Europe. 

The full Green Evaluation is available to read online at

The transaction received a score of 90 out of 100 or E1 on our scale of E1 (highest) to E4 (lowest) on the S&P Global Ratings Green Evaluation scale.

“The excellent Mitigation score is supported by a focus on renewable energy contributing to systemic decarbonization and located in areas of moderate carbon intensity. Three-quarters of the funds raised will be used to refinance existing debt for green energy facilities primarily located in Maine. The remaining funds less financing fees are also allocated to green energy projects,” said Stephen Goltz, the primary analyst.

The transaction Transparency score is supported by the intended reporting with respect to the proceeds of the issuance including reduced or avoided greenhouse gas emissions. The Governance score reflects a commitment to renewable generation and environmental stewardship.

The Mitigation score of 94 reflects the fact that the proceeds are associated with renewable electricity generation. In addition, the strong Transparency score of 83 is supported by Brookfield Renewable’s intention to track proceeds spent, including the type and location of the project as well as the GHG emissions reduced or avoided on an annual basis.

S&P Global Ratings Green Evaluations are not credit ratings. A Green Evaluation is an asset-level environmental credential which builds upon today’s existing frameworks of governance and transparency (e.g. Green Bond Principles) and considers approaches for climate resilience and environmental impact. These analyses aim to provide investors with a more comprehensive picture of the green impact and climate risk attributes of their portfolios and can be applied to any type of financing, in part or in full.

Media Contact:
Ola Fadahunsi, New York (212)438-5095
[email protected]

Analyst Contacts:
Stephen R.W. Goltz, Toronto (416) 507-2592
Nicole Martin, Toronto (416) 507-2560

Key Contacts:
Americas Media Relations: (1) 212-438-6667
[email protected]

Americas Customer Service: (1) 212-438-7280
[email protected]
S&P Global Ratings is the world's leading provider of independent credit ratings. Our ratings are essential to driving growth, providing transparency and helping educate market participants so they can make decisions with confidence. We have more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance entities and securities. We offer an independent view of the market built on a unique combination of broad perspective and local insight. We provide our opinions and research about relative credit risk; market participants gain independent information to help support the growth of transparent, liquid debt markets worldwide.

S&P Global Ratings is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit

Regulatory Affairs and Disclaimers |  Privacy and Cookie Notice |  Terms of Use

Copyright © 2017 by Standard & Poor's Financial Services LLC. All rights reserved.

No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and RatingsDirect on the S&P Capital IQ Platform (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at


S&P Global Ratings Australia Pty Ltd holds Australian financial services license number 337565 under the Corporations Act 2001. S&P Global Ratings credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act).

STANDARD & POOR'S, S&P and RATINGSDIRECT are registered trademarks of Standard & Poor's Financial Services LLC.