Brookfield Renewable Corporation Shareholders Approve Proposed Corporate Simplification

BEP unitholder approval and a final court order remain outstanding before the anticipated fourth-quarter completion.

Rhea-AI Summary

Brookfield Renewable Corporation (BEPC) shareholders approved the proposed corporate simplification, securing all shareholder approvals required for the corporation's part of the transaction. Approximately 70% of votes cast by holders of exchangeable shares supported the proposal; all votes cast by class B holders supported it.

Brookfield Renewable Partners (BEP) unitholders still must vote at their October 29, 2026 meeting. If necessary securityholder approvals are obtained, a final court hearing is expected on or about November 3, 2026, with completion anticipated in the fourth quarter of 2026, subject to the final order. Brookfield Renewable expects tax-deferred treatment for Canadian and U.S. investors and no meaningful cost to the business.

11 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 4 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointBEPC shareholder approval secured, with approximately 70% of exchangeable-share votes cast supporting the simplification.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Brookfield Renewable anticipates fourth-quarter 2026 completion, subject to receipt of the final court order.
• Minor point. Forward-looking: it has not happened yet and may not happen.Brookfield Renewable expects tax-deferred treatment for Canadian and U.S. investors, without meaningful business costs.
• Minor point. Forward-looking: it has not happened yet and may not happen.Brookfield Renewable expects improved trading liquidity through a single listed security.
• Minor point. Forward-looking: it has not happened yet and may not happen.Brookfield Renewable expects increased demand from current indices and potential additional index inclusion.

6 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Brookfield Renewable expects closer alignment with capital allocation trends toward indexable and ETF-eligible corporate securities.
• Minor point. Forward-looking: it has not happened yet and may not happen.Brookfield Renewable expects simpler investor analysis and benchmarking through a single listed reporting entity.
• Minor point. Forward-looking: it has not happened yet and may not happen.Brookfield Renewable expects broader investor access among investors who prefer corporate structures.
• Minor point. Forward-looking: it has not happened yet and may not happen.Brookfield Renewable expects enhanced governance and voting rights for public securityholders.
• Minor point. Forward-looking: it has not happened yet and may not happen.Brookfield Renewable expects elimination of partnership tax reporting forms for BEP unitholders.
• Minor point. Forward-looking: it has not happened yet and may not happen.Brookfield Renewable expects preferential dividend tax rates for many Canadian and U.S. taxable BEP investors.

Negative

• Moderate pointBEP unitholder approval remains pending, with the vote scheduled for October 29, 2026.
• Moderate pointFinal court approval remains required; the hearing is expected on or about November 3, conditional on securityholder approvals.
• Minor pointBEP's meeting was rescheduled to October 29, 2026 to allow additional voting time.
• Minor point. Forward-looking: it has not happened yet and may not happen.Future prospectus issuances could proceed without further class A holder approval under conditional regulatory relief.

News Explained

BEPC shareholders’ vote also counts, once the required securityholder approvals are obtained, as consent for BEP Inc. to issue Class A shares or securities convertible into or exercisable for them under a prospectus without another BEPC Class A shareholder vote—permission for future issuance, not an issuance itself.

Key Figures

Approval threshold: not less than two-thirds (66⅔%) Exchangeable-share votes in favor: approximately 70% Exchangeable shares represented: approximately 66% +4 more

Approval threshold

not less than two-thirds (66⅔%)

Required for votes cast together and separately by BEPC exchangeable-share holders

Exchangeable-share votes in favor

approximately 70%

Votes cast at the BEPC Shareholders’ Meeting

Exchangeable shares represented

approximately 66%

Issued and outstanding shares represented in person or by proxy

Expected court hearing

on or about November 3, 2026

Hearing to obtain the final order, subject to necessary securityholder approvals

Expected completion

fourth quarter of 2026

Subject to receipt of the final order

BEP unitholders’ meeting

October 29, 2026 at 11:00 a.m. EDT

Scheduled vote on the proposed Simplification

Proxy voting deadline

October 27, 2026 at 5:00 p.m. EDT

Deadline for registered BEP unitholders

Historical Context

1 past event · Latest: Oct 09

1 event

1. Oct 09

   Meeting rescheduling

   24h Move

   -1.5%

   BEP's meeting was adjourned after support exceeded 99.7% of votes cast but missed the unit threshold.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

plan of arrangement, special resolution, exemptive relief

3 terms

plan of arrangement regulatory

"approving the plan of arrangement by which the Simplification will be implemented"

A plan of arrangement is a formal, court-approved agreement that reorganizes ownership or assets of a company—such as merging businesses, exchanging shares for cash or other securities, or splitting off parts of the company. Investors should care because it can change the value, number, and rights of their holdings and is often binding once approved by both shareholders and a court, offering more legal certainty than a simple vote. Think of it as a legally supervised recipe for how a company will be reshaped and who ends up with what.

special resolution regulatory

"pass a special resolution approving the plan of arrangement"

A special resolution is a formal shareholder vote that requires a higher-than-normal majority—typically around three-quarters—to approve major corporate changes, such as altering the company’s governing rules, selling the business, or winding it up. It matters to investors because it signals decisive, potentially value-altering actions that cannot be passed by a simple majority; think of it as needing extra votes to change the rules of a club, so minority interests are harder to override.

exemptive relief regulatory

"has applied for and received exemptive relief from the Ontario Securities Commission"

Exemptive relief is a formal permission from a financial regulator that allows a company or fund to be temporarily or permanently excused from following a specific rule or requirement. It matters to investors because it can change how a business operates, affect the timing and cost of transactions, and alter regulatory risk—think of it like a temporary permit that lets a shop operate under different rules while still staying legal.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BROOKFIELD, NEWS, Oct. 14, 2026 (GLOBE NEWSWIRE) -- Brookfield Renewable Partners L.P. (“BEP”) (NYSE: BEP; TSX: BEP.UN) and Brookfield Renewable Corporation (“BEPC”) (TSX, NYSE: BEPC) today announced that BEPC shareholders voted in favour of the resolution approving the proposed corporate structure simplification (the “Simplification”) at a special meeting held virtually earlier today (the “Shareholders’ Meeting”).

Brookfield Renewable also reminds BEP unitholders that the special meeting of unitholders of BEP (the “Unitholders’ Meeting”) will be held on October 29, 2026 at 11:00 a.m. EDT.

Reminder to BEP Unitholders to Vote

BEP unitholders who have not yet voted are encouraged to vote their units today.

The Board of Directors of BEP, based in part on the unanimous recommendation of its nominating and governance committee (consisting entirely of independent directors) and the fairness opinion received from Scotiabank, unanimously determined that the Simplification is in the best interests of BEP, and have unanimously resolved to approve the Simplification and recommend that BEP unitholders vote in favour of the Simplification. ISS and Glass Lewis have each recommended that BEP unitholders vote FOR the Simplification.

Brookfield Renewable expects the Simplification to be tax-deferred for Canadian and U.S. investors and completed without any meaningful cost to the business, while providing securityholders with the following benefits, among others:

• Improved consolidated trading liquidity through a single listed security;
• Increased demand from current indices and potential additional index inclusion;
• Stronger alignment with long-term capital allocation trends toward indexable and ETF-eligible corporate securities;
• Simplified investor analysis, screening, and benchmarking through a single listed reporting entity;
• Broader access to a larger pool of investors who prefer corporate structures;
• Enhanced governance framework and voting rights for public securityholders; and
• For BEP unitholders, elimination of onerous partnership tax reporting forms and preferential dividend tax rates for many Canadian and U.S. taxable investors.
  

Additional information is also available on our website at https://bep.brookfield.com under “Proposed Simplification”.

As previously announced on October 9, 2026, the Unitholders’ Meeting was rescheduled to October 29, 2026 in order to allow additional time for BEP unitholders to submit their votes. The Unitholders’ Meeting will be held virtually on October 29, 2026 at 11:00 a.m. EDT. The record date for determining unitholders eligible to vote at the Unitholders’ Meeting remains August 21, 2026, and the deadline for registered unitholders to cast their votes by proxy is 5:00 p.m. EDT on October 27, 2026. Unitholders who have already submitted a proxy do not need to vote again.

BEP Unitholders Who Have Questions or Require Voting Assistance

Brookfield Renewable has retained Laurel Hill Advisory Group (“Laurel Hill”) as its proxy solicitation agent. If you have any questions about the Unitholders’ Meeting or require assistance voting please contact Laurel Hill Advisory Group:

Toll Free: 1-877-452-7184 (toll free in North America)
International: 1-416-304-0211
Text: text "INFO" to either number above
Email: assistance@laurelhill.com.

Brookfield Renewable may also use the services of Broadridge Investor Communications to assist eligible beneficial unitholders with voting their units over the telephone with Laurel Hill. Many unitholders are eligible to vote quickly and easily over the phone, via email, or text message to help achieve the Simplification.

Voting Results of the BEPC Shareholders’ Meeting

At the Shareholders’ Meeting, BEPC shareholders were asked to consider and, if deemed advisable, pass a special resolution approving the plan of arrangement by which the Simplification will be implemented (the “BEPC Transaction Resolution”).

The BEPC Transaction Resolution required the affirmative vote of (i) not less than two-thirds (66⅔%) of the votes cast at the Shareholders’ Meeting by holders of class A exchangeable subordinate voting shares of BEPC (“BEPC exchangeable shares”) and holders of class B multiple voting shares of BEPC (“BEPC class B shares”), voting together, and (ii) not less than two-thirds (66⅔%) of the votes cast at the Shareholders’ Meeting by holders of BEPC exchangeable shares, voting separately as a class.

Approximately 66% of the issued and outstanding BEPC exchangeable shares as of the record date of August 21, 2026 were represented in person or by proxy at the Shareholders’ Meeting, and approximately 70% of the votes cast by holders of BEPC exchangeable shares were voted in favour of the BEPC Transaction Resolution. All of the votes cast by holders of the BEPC class B shares were voted in favour of the Simplification.

Accordingly, all shareholder approvals required to implement the Simplification in respect of BEPC have been obtained.

BEPC’s full report of voting results in respect of the Shareholders’ Meeting has been filed with the applicable Canadian securities regulators and the United States Securities and Exchange Commission and will be available under BEPC’s profile on SEDAR+ at https://sedarplus.ca and on EDGAR at https://sec.gov.

For additional information on the Simplification, please see the joint management information circular filed with the applicable Canadian securities regulators and with the United States Securities and Exchange Commission, which is available on SEDAR+ at https://sedarplus.ca and on EDGAR at https://sec.gov. Unitholders are urged to read the circular carefully.

If the necessary securityholder approvals are obtained, the hearing to obtain the final order from the Supreme Court of British Columbia approving the Simplification is expected to be held on or about November 3, 2026. Subject to the receipt of the final order, it is anticipated that the Simplification will be completed in the fourth quarter of 2026.

Please note that BEP has applied for and received exemptive relief from the Ontario Securities Commission in order to not require further approval by the holders of class A shares of BEP Inc. (“BEP Inc. Class A Shares”) for any future distributions of BEP Inc. Class A Shares or securities that are, directly or indirectly, convertible into, or exercisable or exchangeable for, BEP Inc. Class A Shares under a prospectus, conditional upon obtaining the required securityholder approvals described in the joint management information circular. Accordingly, (i) in respect of BEPC, a vote in favour of the Simplification by BEPC shareholders constituted a vote in favour of BEP Inc.’s ability to conduct future issuances of BEP Inc. Class A Shares or securities that are, directly or indirectly, convertible into, or exercisable or exchangeable for, BEP Inc. Class A Shares pursuant to a prospectus, and (ii) in respect of BEP, a vote in favour of the Simplification by BEP unitholders will constitute a vote in favour of BEP Inc.’s ability to conduct future issuances of BEP Inc. Class A Shares or securities that are, directly or indirectly, convertible into, or exercisable or exchangeable for, BEP Inc. Class A Shares pursuant to a prospectus, in each case, without requiring further approval by holders of BEP Inc. Class A Shares in accordance with National Instrument 41-101 – General Prospectus Requirements.

About Brookfield Renewable

Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed solar and storage facilities and our sustainable solutions assets include our investment in a leading global nuclear services business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others. Investors can access the portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation. Further information is available at https://bep.brookfield.com.

Brookfield Renewable is the flagship listed energy company of Brookfield Asset Management, a global alternative asset manager, headquartered in New York with over $1 trillion of assets under management. For more information, go to https://brookfield.com.

Contact Information

Media:	Investor Relations:
Marie Fuller Senior Vice President Tel: +44 207 408 8375 Email: marie.fuller@brookfield.com	Alex Jackson Vice President Tel: +1 416 484 8525 Email: alexander.jackson@brookfield.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

Cautionary Statement Regarding Forward-looking Statements

This news release contains forward-looking statements and information within the meaning of Canadian provincial securities laws and “forward looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations.

Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements in this news release include statements regarding the Simplification, including whether it will be completed and its benefits. There can be no assurance that the BEP unitholders will approve the Simplification or, if approved, that the Simplification will be completed.

The foregoing list of important factors that may affect future results is not exhaustive. Except as required by law, Brookfield Renewable does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether written or oral, whether as a result of new information, future events or otherwise.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Did Brookfield Renewable Corporation shareholders approve the corporate simplification?

BEPC shareholders approved the simplification, obtaining all shareholder approvals required for BEPC's part of the transaction. Approximately 70% of votes cast by exchangeable-share holders supported it, and all votes cast by class B holders were in favour. BEP unitholder approval and a final court order remain outstanding.

How can BEP unitholders vote on the proposed corporate simplification?

Registered BEP unitholders must submit proxy votes by 5:00 p.m. EDT on October 27, 2026 for the virtual meeting on October 29 at 11:00 a.m. EDT. The eligibility record date remains August 21, 2026, and previously submitted proxies do not need to be submitted again. Voting assistance is available from Laurel Hill at 1-877-452-7184 or assistance@laurelhill.com.

What would Brookfield Renewable's simplification approval mean for future share issuances?

Approval would authorize future prospectus issuances without further approval from BEP Inc. class A shareholders under Ontario Securities Commission relief conditional on the required securityholder approvals. The authorization covers class A shares and securities directly or indirectly convertible into, exercisable for, or exchangeable for those shares. BEPC's approval already constituted a vote in favour of that authority.