Brookfield Renewable Energy Partners L.P. (BEP,BEP_UN.TO) announced Tuesday that it has commenced a public offering of limited partnership units in the United States.
The company said it expects that, concurrent with any offering of L.P. units in the U.S., it will also offer L.P. units in Canada. It expects to offer 12.18 million L.P. units in the offering.
Barclays Capital Inc., Deutsche Bank Securities Inc., CIBC World Markets Inc. and Scotia Capital Inc. are the joint book-running managers. The offering is being co-managed by Citigroup Global Markets Inc., Credit Suisse Securities (Canada) Inc., HSBC Securities (USA) Inc., RBC Dominion Securities Inc. and TD Securities Inc.
The company has granted the underwriters an option to purchase up to 1.83 million additional L.P. units to cover over-allotments, if any.
Separately, Brookfield Renewable Energy Partners said it expects total generation in the second quarter of 2013 to approximate 6,151 gigawatt hours or GWh, as compared to long-term average or LTA of 6,171 GWh, and generation of 4,101 GWh in the second quarter of 2012. Seasonal inflows and wind conditions across the portfolio are expected to result in generation approximating long-term average levels.
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