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 http://www.spratings.com/documents/20184/1634005/E+Brookfield+White+Pine+Hydro+Senior+Secured+Notes/b6312603-d3e7-43c3-a2a6-b055ca2b884f 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.
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