Brookfield Renewable Partners L.P 6-K, filed Mar 27, 2020

Brookfield Renewable Partners L.P. (BEP)

6-K 2020-03-27 For: 2020-03-26

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Added on April 06, 2026

About this 6-K

Brookfield Renewable Partners L.P filed this 6-K on March 27, 2020.

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Date: March 26, 2020	BROOKFIELD RENEWABLE PARTNERS L.P.,
	by its general partner, Brookfield Renewable Partners Limited

	By:	/s/ Jane Sheere
	Name:	Jane Sheere
	Title:	Secretary


EXHIBIT		DESCRIPTION

99.1*		Agreement and Plan of Reorganization, by and among TerraForm Power, Inc., Brookfield Renewable Partners L.P., Brookfield Renewable Corporation, 2252876 Alberta ULC and TerraForm Power NY Holdings, Inc., dated March 16, 2020

99.2		Voting Agreement, by and among TerraForm Power, Inc., BBHC Orion Holdco L.P. and Orion U.S. Holdings 1 L.P., dated March 16, 2020

99.3		Material Change Report of Brookfield Renewable Partners L.P. dated March 26, 2020


		Page
ARTICLE I
THE REINCORPORATION MERGER

SECTION 1.01	The Reincorporation Merger		2
SECTION 1.02	Closing		2
SECTION 1.03	Reincorporation Effective Time		3
SECTION 1.04	Effects		3
SECTION 1.05	Conversion or Cancelation of Company Common Stock and Company		3
SECTION 1.06	Articles of Incorporation and Bylaws of the Surviving Corporation		4
SECTION 1.07	Board Directors; Management		4

ARTICLE II
THE PARENT EXCHANGE

SECTION 2.01	The Parent Exchange		5
SECTION 2.02	Parent Exchange Effective Time		5
SECTION 2.03	Effects of the Parent Exchange		5

ARTICLE III
THE BEPC EXCHANGE

SECTION 3.01	The BEPC Exchange		5
SECTION 3.02	BEPC Exchange Effective Time		6
SECTION 3.03	Effects of the BEPC Exchange		6
SECTION 3.04	New York Company Class A Common Stock		6

ARTICLE IV
EXCHANGE OF SHARES, ELECTION PROCEDURES AND ADJUSTMENTS TO PREVENT DILUTION

SECTION 4.01	Exchange Agent		6
SECTION 4.02	Election Procedures		6
SECTION 4.03	Exchange Procedures		8
SECTION 4.04	Treatment of Unsurrendered Shares		9
SECTION 4.05	No Further Ownership Rights in Eligible Shares		9
SECTION 4.06	Investment of Exchange Fund		9
SECTION 4.07	Termination of Exchange Fund		9
SECTION 4.08	No Liability		10
SECTION 4.09	Lost Certificates		10
SECTION 4.10	Withholding Rights		10
SECTION 4.11	No Fractional Shares		10
SECTION 4.12	Adjustments to Prevent Dilution		11



ARTICLE V
REPRESENTATIONS AND WARRANTIES OF THE COMPANY ENTITIES

SECTION 5.01	Organization, Standing and Power	11
SECTION 5.02	The Company Subsidiaries; Equity Interests	12
SECTION 5.03	New York Company	12
SECTION 5.04	Capital Structure	12
SECTION 5.05	Authority; Execution and Delivery; Enforceability	13
SECTION 5.06	No Conflicts; Consents	15
SECTION 5.07	SEC Documents; Undisclosed Liabilities	16
SECTION 5.08	Disclosure Documents	17
SECTION 5.09	Absence of Certain Changes or Events	18
SECTION 5.10	Material Contracts	18
SECTION 5.11	Permits	19
SECTION 5.12	Compliance with Laws	19
SECTION 5.13	Litigation	20
SECTION 5.14	Brokers; Schedule of Fees and Expenses	20
SECTION 5.15	Opinions of Financial Advisors	20
SECTION 5.16	Tax Treatment	21
SECTION 5.17	Tax Matters	21
SECTION 5.18	Labor Matters	22
SECTION 5.19	Company Benefit Plans	22
SECTION 5.20	Environmental Matters	23
SECTION 5.21	Real Property	24
SECTION 5.22	No Additional Representations	24

ARTICLE VI
REPRESENTATIONS AND WARRANTIES OF THE PARENT ENTITIES

SECTION 6.01	Organization, Standing and Power	25
SECTION 6.02	Capital Structure	25
SECTION 6.03	BEPC and Acquisition Sub	27
SECTION 6.04	Authority; Execution and Delivery; Enforceability	27
SECTION 6.05	No Conflicts; Consents	27
SECTION 6.06	Public Reports; Undisclosed Liabilities	28
SECTION 6.07	Disclosure Documents	30
SECTION 6.08	Absence of Certain Changes or Events	31
SECTION 6.09	Material Contracts	31
SECTION 6.10	Permits	31
SECTION 6.11	Compliance with Laws	32
SECTION 6.12	Litigation	32
SECTION 6.13	Brokers; Schedule of Fees and Expenses	32
SECTION 6.14	Tax Treatment	33
SECTION 6.15	Tax Matters	33
SECTION 6.16	Labor Matters	34


SECTION 6.17	Parent Benefit Plans	34
SECTION 6.18	Environmental Matters	35
SECTION 6.19	Real Property	36
SECTION 6.20	No Additional Representations	36

ARTICLE VII
COVENANTS RELATING TO CONDUCT OF BUSINESS

SECTION 7.01	Conduct of Business	37
SECTION 7.02	No Solicitation by the Company	40

ARTICLE VIII
ADDITIONAL AGREEMENTS

SECTION 8.01	Preparation of Proxy Statement, Form F-1/F-4, Form F-3, Canadian Prospectus; Shareholders Meeting and Approval	43
SECTION 8.02	Reasonable Best Efforts; Notification	46
SECTION 8.03	Equity-Based Compensation	48
SECTION 8.04	Employee Matters	48
SECTION 8.05	Indemnification	49
SECTION 8.06	Fees and Expenses	50
SECTION 8.07	Public Announcements	51
SECTION 8.08	Dividends and Distributions	51
SECTION 8.09	Stock Exchange Listing	51
SECTION 8.10	Stock Exchange Delisting and Deregistration	52
SECTION 8.11	Transaction Litigation	52
SECTION 8.12	Section 16 Matters	52
SECTION 8.13	Resignations	52
SECTION 8.14	Tax Matters	52
SECTION 8.15	Transaction Documents	53

ARTICLE IX
CONDITIONS PRECEDENT

SECTION 9.01	Conditions to Each Party’s Obligation to Consummate the Merger	53
SECTION 9.02	Conditions to Obligations of Parent Entities	54
SECTION 9.03	Conditions to Obligation of the Company Entities	55

ARTICLE X
TERMINATION, AMENDMENT AND WAIVER

SECTION 10.01	Termination	56
SECTION 10.02	Effect of Termination	57
SECTION 10.03	Amendment	58
SECTION 10.04	Extension; Waiver	58
SECTION 10.05	Procedure for Termination, Amendment, Extension or Waiver	58


ARTICLE XI
GENERAL PROVISIONS

SECTION 11.01	Nonsurvival of Representations and Warranties	58
SECTION 11.02	Notices	59
SECTION 11.03	Definitions	60
SECTION 11.04	Interpretation	66
SECTION 11.05	Severability	67
SECTION 11.06	Counterparts	67
SECTION 11.07	Entire Agreement; No Third-Party Beneficiaries	67
SECTION 11.08	Governing Law; Consent to Jurisdiction	67
SECTION 11.09	Assignment	68
SECTION 11.10	Enforcement	68
SECTION 11.11	Waiver of Jury Trial	68


EXHIBITS

Exhibit A		Voting Agreement
Exhibit B		Plan of Merger
Exhibit C		Parent Plan of Exchange
Exhibit D		BEPC Plan of Exchange
Exhibit E		New York Company Charter
Exhibit F		New York Company Bylaws
Exhibit G		Form of Rights Agreement
Exhibit H		Form of Subordinate Credit Agreement
Exhibit I		Form of Equity Commitment Agreement
Exhibit J		Form of Amended Articles of Brookfield Renewable Corporation


Term		Section
351 Tax Treatment		Recitals
Acceptable Confidentiality Agreement		Section 7.02(a)
Action		Section 11.03
Adjusted Exchange Ratio		Section 11.03
affiliate		Section 11.03
Agreement		Preamble
Antitrust Laws		Section 8.02(e)
Antitrust Restriction		Section 11.03
BEPC		Preamble
BEPC Class A Shares		Recitals
BEPC Distribution		Section 11.03
BEPC Distribution Ratio		Section 11.03
BEPC Exchange		Recitals
Business Day		Section 11.03
Canadian Prospectus		Section 5.08(d)
Canadian Securities Authorities		Section 5.08(d)
Canadian Securities Laws		Section 11.03
Capitalization Date		Section 5.04(a)
Closing		Section 1.02
Closing Date		Section 1.02
Code		Recitals
Company		Preamble
Company Adverse Recommendation Change		Section 7.02(b)
Company Board		Recitals
Company Bylaws		Section 5.04(a)
Company Charter		Section 5.04(a)
Company Common Stock		Section 5.04(a)
Company Disclosure Letter		Article V
Company Entities		Preamble
Company Indemnified Party		Section 8.05(a)
Company Material Adverse Effect		Section 11.03
Company Material Contract		Section 5.10(a)
Company Notice		Section 7.02(b)
Company Preferred Stock		Section 5.04(a)
Company Recommendation		Section 5.05(b)
Company RSU		Section 11.03
Company SEC Documents		Section 5.07(a)
Company Shareholder Approval		Section 5.05(d)
Company Shareholders Meeting		Section 8.01(d)
Company Stock Plan		Section 11.03
Company Subsidiary		Section 5.01
Company Takeover Proposal		Section 7.02(e)


Company Voting Debt		Section 5.04(a)
Competition Act		Section 11.03
Competition Act Approval		Section 11.03
Confidentiality Agreement		Section 11.03
Consent		Section 5.06(b)
Consideration		Section 3.01
Continuing Employees		Section 8.04(a)
Contract		Section 5.06(a)
DGCL		Section 1.01
EBITDA		Section 7.02(e)
Election Deadline		Section 4.02(b)
Election Form		Section 4.02(a)
Election Form Record Date		Section 4.02(a)
Eligible Book-Entry Shares		Section 1.05(b)
Eligible Certificates		Section 1.05(b)
Eligible Shares		Section 1.05(a)(v)
End Date		Section 10.01(b)(i)
Exchange Act		Section 5.06(b)
Exchange Agent		Section 4.01
Exchange Effective Time		Section 3.02
Exchange Fund		Section 4.01
Exchange Ratio		Section 11.03
Expense Reimbursement Fee		Section 8.06(b)
Filed Company SEC Documents		Section 5.07(b)
Filed Parent SEC Documents		Section 6.06(b)
Form F-1/F-4		Section 6.05(b)
Form F-3		Section 6.05(b)
GAAP		Section 5.07(b)
Governmental Entity		Section 5.06(b)
HSR Act		Section 5.06(b)
HSR Filing		Section 8.02(a)
IFRS		Section 6.06(b)
Indebtedness		Section 11.03
Judgment		Section 5.06(a)
Knowledge		Section 11.03
Law		Section 5.06(a)
Liens		Section 5.02(a)
Mailing Date		Section 4.02(a)
Material Adverse Effect		Section 11.03
Maximum Premium		Section 8.05(b)
NASDAQ		Section 8.10
New York Company Bylaws		Section 1.06(b)
New York Company Charter		Section 1.06
New York Company		Preamble
New York Company Board		Recitals


New York Company Class A Common Stock		Section 1.05(a)(iii)
New York Company Class B Common Stock		Section 1.05(a)(v)
New York Company Common Stock		Section 1.05(a)(v)
New York Company RSU		Section 8.03
NYBCL		Recitals
NYSE		Section 4.11
Parent		Preamble
Parent Benefit Plans		Section 11.03
Parent Disclosure Letter		Article VI
Parent DRIP		Section 6.02(a)
Parent Entities		Preamble
Parent Exchange		Recitals
Parent GP Interest		Section 6.02(a)
Parent LP Agreement		Section 6.02(a)
Parent LP Units		Recitals
Parent Material Adverse Effect		Section 11.03
Parent Material Contract		Section 6.09(a)
Parent Nonrecognition Tax Treatment		Recitals
Parent Preferred Units		Section 6.02(a)
Parent SEC Documents		Section 6.06(a)
Parent Stockholders		Recitals
Parent Subsidiary		Section 6.01(b)
person		Section 11.03
Plans of Exchange		Section 3.02
Plan of Merger		Section 1.03
Proxy Statement		Section 5.06(b)
Public Stock		Section 1.05(a)(v)
Real Property		Section 11.03
Redeemable/Exchangeable Partnership Units		Section 6.02(a)
Regulatory Requirement		Section 8.02(e)
Revolving Credit Agreement		Section 11.03
Reincorporation Effective Time		Section 1.03
Reincorporation Merger		Recitals
Reincorporation Tax Treatment		Recitals
Representatives		Section 7.02
Required Company Shareholder Approvals		Section 5.05(d)
Restraints		Section 9.01(e)
Rights Agreement		Section 11.03
SEC		Section 5.06(b)
Securities Act		Section 5.07(b)
Share Exchange		Recitals
Share Exchange Tax Treatment		Recitals
Special Committee		Recitals
Subordinate Credit Agreements		Section 11.03
subsidiary		Section 11.03


Superior Proposal		Section 7.02(e)
Surviving Corporation		Section 1.01
Tax Returns		Section 11.03
Taxes		Section 11.03
Transactions		Section 3.01
Treasury Regulations		Section 11.03
TSX		Section 6.05(b)
Voting Agreement		Recitals


BROOKFIELD RENEWABLE PARTNERS L.P.

By		/s/ Jane Sheere
Name:		Jane Sheere
Title:		Secretary

BROOKFIELD RENEWABLE CORPORATION

By		/s/ Jennifer Mazin
Name:		Jennifer Mazin
Title:		Director

2252876 ALBERTA ULC

By		/s/ Jennifer Mazin
Name:		Jennifer Mazin
Title:		Director


TERRAFORM POWER, INC.

By		/s/ William Fyfe
Name:		William Fyfe
Title:		General Counsel and Secretary


TERRAFORM POWER NY HOLDINGS, INC.

By		/s/ William Fyfe
Name:		William Fyfe
Title:		Secretary


TERRAFORM POWER, INC.,

	by	/s/ William Fyfe
		Name: William Fyfe
		Title: General Counsel and Secretary

BBHC ORION HOLDCO L.P., by its general partner, ORION CANADIAN AIV GP INC.

	by	/s/ Adrienne Moore
		Name: Adrienne Moore
		Title: Vice-President

ORION US HOLDINGS 1 L.P., by its general partner, ORION US GP LLC

	by	/s/ Adrienne Moore
		Name: Adrienne Moore
		Title: Vice President


Name and Address of Stockholder		Number of Shares of Company Common Stock Owned
BBHC Orion Holdco L.P. 181 Bay Street, Suite 300 Toronto, Ontario M5J 2T3		32,859,562

Orion U.S. Holdings 1 L.P. 181 Bay Street, Suite 300 Toronto, Ontario M5J 2T3		106,772,104