Brookfield Renewable Announces at-the-Market Equity Issuance Program

Rhea-AI Summary

Brookfield Renewable (NYSE: BEP / BEPC) announced an at-the-market equity issuance program (ATM Program) allowing BEPC to offer up to $400 million of class A exchangeable subordinate voting shares from treasury. Proceeds, if any, are intended to fund repurchases of the Partnership's non-voting limited partnership units under its normal course issuer bid and for general corporate purposes. BEPC Shares will trade on TSX/NYSE and be exchangeable for one LP Unit (or cash equivalent) at holder or company election. The Distribution Agreement with BMO and TD governs sales through Feb 24, 2027, or earlier termination.

Positive

• ATM size up to $400 million
• Proceeds intended to fund LP Unit repurchases under NCIB
• BEPC Shares exchangeable 1:1 for LP Units (or cash)

Negative

• Sale prices may vary by marketplace and over time
• Temporary outstanding share fluctuations possible during issuances
• ATM Program terminates on February 24, 2027 or earlier

News Market Reaction

+1.37%

1 alert

+1.37% News Effect

On the day this news was published, BEPC gained 1.37%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

ATM program size: $400 million ATM termination date: February 24, 2027 Distribution Agreement date: January 12, 2026 +4 more

7 metrics

ATM program size $400 million Maximum BEPC Shares that may be sold under the ATM Program

ATM termination date February 24, 2027 Program terminates no later than this date per Distribution Agreement

Distribution Agreement date January 12, 2026 Date of equity distribution agreement establishing the ATM Program

Canadian base shelf date January 23, 2025 Date of Canadian short form base shelf prospectus

U.S. base prospectus date April 2, 2025 Date of U.S. base prospectus used for ATM offerings

Form F-3 filing date April 5, 2024 Initial filing date of joint U.S. registration statement on Form F-3

Assets under management over $1 trillion Assets under management at Brookfield Asset Management

Market Reality Check

Price: $43.25 Vol: Volume 382,504 vs 20-day ...

normal vol

$43.25 Last Close

Volume Volume 382,504 vs 20-day average 491,219 (relative volume 0.78) ahead of this announcement. normal

Technical Price 27.44 is trading above the 200-day MA at 25.93, indicating a pre-news uptrend.

Peers on Argus

BEP was up 1.89% pre-announcement. Peers showed mixed moves: CEG, BEPC, and ENLT...

1 Up

BEP was up 1.89% pre-announcement. Peers showed mixed moves: CEG, BEPC, and ENLT were positive, while RNW and CMS traded lower, pointing to stock-specific rather than uniform sector momentum.

Historical Context

5 past events · Latest: Jan 05 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 05	Earnings call notice	Neutral	+0.0%	Scheduled Q4 2025 results release and conference call details.
Jan 02	Preferred redemption	Positive	+0.0%	Plan to redeem all outstanding Series 7 preferred LP units for cash.
Dec 15	NCIB renewal	Positive	+0.4%	Renewal of normal course issuer bids for LP Units and exchangeable shares.
Nov 05	Quarterly earnings	Positive	-2.9%	Q3 2025 results with higher FFO but a net loss to unitholders.
Oct 03	Earnings call notice	Neutral	+0.1%	Announcement of Q3 2025 results release and conference call timing.

Pattern Detected

Recent corporate actions (NCIB renewal, preferred redemption) generally aligned with modestly positive price reactions, while detailed earnings updates saw a negative reaction despite growth metrics.

Recent Company History

Over the last few months, Brookfield Renewable highlighted capital allocation and communication initiatives. On Dec 15, 2025, it renewed normal course issuer bids for LP Units and exchangeable shares, followed by a Series 7 preferred redemption plan on Jan 02, 2026 funded from liquidity. Earnings on Nov 05, 2025 showed higher FFO but a net loss, which coincided with a price decline. Conference call announcements on Oct 03, 2025 and Jan 05, 2026 had minimal price impact, underscoring a pattern of muted reactions to routine updates.

Market Pulse Summary

This announcement detailed an at-the-market equity program authorizing up to $400 million of BEPC Sh...

Analysis

This announcement detailed an at-the-market equity program authorizing up to $400 million of BEPC Shares, with proceeds intended mainly to facilitate LP Unit repurchases under the NCIB and for general corporate purposes. Structurally, Brookfield Renewable aims to keep the combined LP Units and BEPC Shares broadly unchanged, positioning the mechanism as generally non-dilutive at the combined level. In light of recent NCIB renewals and preferred redemptions, investors may watch actual ATM usage, repurchase activity, and future earnings updates to assess capital allocation discipline.

Key Terms

at the market, normal course issuer bid, treasury, short form base shelf prospectus, +4 more

8 terms

at the market financial

"to enable an “at the market” equity issuance program (the “ATM Program”)"

“At the market” describes a method companies use to sell newly issued shares directly into the open market at whatever the current trading price is, usually through a broker who places shares in small amounts over time. Investors care because it can reduce each existing shareholder’s ownership percentage and increase the number of shares outstanding, while giving the company a flexible, quick way to raise cash — like adding single seats to a train instead of buying a whole new carriage.

normal course issuer bid financial

"under its normal course issuer bid (“NCIB”) program (subject to compliance"

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

treasury financial

"offer and sell up to $400 million ... of BEPC Shares directly from treasury"

The treasury is the department or area within a government or organization responsible for managing its money, finances, and financial strategies. It handles tasks like collecting revenue, paying bills, and planning for future financial needs, much like a household manages its budget. For investors, understanding the treasury is important because it influences interest rates, government spending, and overall economic stability.

short form base shelf prospectus regulatory

"short form base shelf prospectus dated January 23, 2025 (together with"

A short form base shelf prospectus is a pre-approved, reusable document that lets a company register a pool of securities (like stocks or bonds) it can sell over time without repeating a full disclosure process each time. Think of it as a menu the company files once so it can quickly offer items from that menu later; investors care because it speeds up capital raises, can dilute existing holdings, and signals the company’s ability to access funding when needed.

prospectus supplement regulatory

"pursuant to a Canadian prospectus supplement dated January 12, 2026"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

base prospectus regulatory

"to BEPC’s and the Partnership’s U.S. base prospectus dated April 2, 2025"

A base prospectus is a detailed document that provides essential information about a financial offering, such as a bond or share issue. It acts like a comprehensive guide for investors, explaining what the investment involves, the risks involved, and how the process works. This helps investors make informed decisions before committing their money.

registration statement on form f-3 regulatory

"preliminary base prospectus included in their joint U.S. registration statement on Form F-3"

A registration statement on Form F-3 is a streamlined filing used by eligible foreign companies to register securities for sale in the U.S., often as a “shelf” that lets them offer shares quickly when market conditions are right. For investors it matters because it signals that the company can raise capital on short notice—potentially increasing liquidity but also the risk of share dilution if new stock is issued—similar to a company keeping a pre-approved credit line ready to use.

at the market offering financial

"“at the market offering” as defined in Rule 415 promulgated under the U.S."

An at-the-market offering is a way a company raises cash by selling newly issued shares directly into the open market at prevailing prices, rather than all at once in a single deal. Think of it like turning a faucet on to drip shares into trading at current prices when needed; it gives the company flexibility to raise funds over time but can dilute existing shareholders and potentially affect the stock price, which investors should monitor.

AI-generated analysis. Not financial advice.

All amounts in U.S. dollars

BROOKFIELD, News, Jan. 12, 2026 (GLOBE NEWSWIRE) -- Brookfield Renewable Corporation (NYSE: BEPC; TSX: BEPC) (“BEPC”) and Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN) (the “Partnership” and together with BEPC, “Brookfield Renewable”) today announced that they have made the necessary Canadian and U.S. securities filings to enable an “at the market” equity issuance program (the “ATM Program”) of class A exchangeable subordinate voting shares of BEPC (the “BEPC Shares”). Under the ATM Program, BEPC may, at its discretion, offer and sell up to $400 million (or the Canadian dollar equivalent) of BEPC Shares directly from treasury.

Brookfield Renewable intends to use the net proceeds from the ATM Program, if any, to facilitate repurchases by the Partnership of its non-voting limited partnership units (each, an “LP Unit”) under its normal course issuer bid (“NCIB”) program (subject to compliance with applicable securities laws) and for general corporate purposes.

Overall, the ATM Program, if exercised, is expected to be non-dilutive to Brookfield Renewable, as the combined number of LP Units and BEPC Shares outstanding is intended to remain generally unchanged, though there may be temporary fluctuations over the course of the issuances of BEPC Shares and corresponding repurchases of LP Units.

ATM Program Details

Under the ATM Program, BEPC Shares may be sold to the public from time to time at prevailing market prices through the Toronto Stock Exchange, the New York Stock Exchange or any other marketplace in Canada or the United States where BEPC Shares may be traded. As a result, sale prices of the BEPC Shares sold under the ATM Program, if any, may vary among purchasers and throughout the distribution period. The ATM Program will provide BEPC with flexibility to issue BEPC Shares directly into the market at times when conditions are determined to be favorable.

Each BEPC Share will be exchangeable at the option of the holder for one LP Unit (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of BEPC).

The BEPC Shares will be offered pursuant to an equity distribution agreement dated January 12, 2026 (the “Distribution Agreement”) entered among the Partnership, BEPC and BMO Nesbitt Burns Inc. and TD Securities Inc. (together, the “Canadian Agents”), and BMO Capital Markets Corp. and TD Securities (USA) LLC (together, the “U.S. Agents” and, together with the Canadian Agents, the “Agents”, each an “Agent”). Sales may be made through “at the market distributions” as defined in National Instrument 44-102 – Shelf Distributions and in sales deemed to be an “at the market offering” as defined in Rule 415 promulgated under the U.S. Securities Act of 1933, as amended, and as otherwise permitted by applicable laws. The ATM Program will terminate upon the earlier of (i) the sale of all of the BEPC Shares subject to the Distribution Agreement, (ii) termination of the Distribution Agreement by BEPC or by the Agents as provided therein, or (iii) on February 24, 2027, in each case in accordance with the terms of the Distribution Agreement. 

The ATM Program is being undertaken in Canada pursuant to a Canadian prospectus supplement dated January 12, 2026 (the “Canadian Prospectus Supplement”) to the Partnership and BEPC’s Canadian short form base shelf prospectus dated January 23, 2025 (together with the Canadian Prospectus Supplement, the “Canadian Prospectus”), which has been filed in each of the provinces and territories of Canada, and in the United States pursuant to a U.S. prospectus supplement dated January 12, 2026 (the “U.S. Prospectus Supplement”) to BEPC’s and the Partnership’s U.S. base prospectus dated April 2, 2025 (together with the U.S. Prospectus Supplement, the “U.S. Prospectus”) that supplements the preliminary base prospectus included in their joint U.S. registration statement on Form F-3, filed with the U.S. Securities and Exchange Commission on April 5, 2024 (as amended on March 6, 2025, and declared effective on April 2, 2025). Before making an investment, potential investors should read the Canadian Prospectus or the U.S. Prospectus, as applicable, and other public filings by Brookfield Renewable for more information about Brookfield Renewable and the ATM Program. Copies of these documents, as well as the Distribution Agreement, are available on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov. The Agents participating in the ATM Program will arrange to send you the Canadian Prospectus or the U.S. Prospectus and the Distribution Agreement, as applicable, upon request by contacting, in the case of the Canadian Prospectus or the Distribution Agreement, BMO Nesbitt Burns Inc., 9195 Torbram Road, Brampton, Ontario, L6S 6H2, attention: Brampton Distribution Centre C/O The Data Group of Companies, phone: 1-905-791-3151 Ext 4312, email: torbramwarehouse@datagroup.ca  or TD Securities Inc., 1625 Tech Avenue, Mississauga ON L4W 5P5, attention: Symcor, NPM, phone: (289) 360-2009, email: sdcconfirms@td.com, or, in the case of the U.S. Prospectus or the Distribution Agreement, BMO Capital Markets Corp., 151 W 42nd St, 32nd floor, New York, NY 10036, attention: Equity Syndicate Department, phone: 1-800-414-3627, email: bmoprospectus@bmo.com or TD Securities (USA) LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, email: TDManualrequest@broadridge.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Brookfield Renewable, nor will there be any sale of the securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.

Brookfield Renewable is the flagship listed renewable power and transition company of Brookfield Asset Management, a leading global alternative asset manager headquartered in New York, with over $1 trillion of assets under management.

For more information, please contact:

Media: Simon Maine Tel: +44 7398 909 278 Email: simon.maine@brookfield.com

Investors: Alex Jackson Tel: +1 (416)-649-8196 Email: alexander.jackson@brookfield.com

Cautionary Statement Regarding Forward-looking Statements

This news release contains forward-looking statements and information within the meaning of applicable securities laws. The words “may”, “intends”, “expected”, “will” or derivations thereof and other expressions which are predictions of or indicate future events, trends or prospects, and which do not relate to historical matters, identify forward-looking statements. Forward-looking statements in this news release include statements regarding the potential distribution of BEPC Shares pursuant to the ATM Program, the aggregate value of BEPC Shares that may be issued pursuant to the ATM Program, the expectation that the ATM Program is expected to be non-dilutive and that the aggregate number of LP Units and BEPC Shares is intended to be generally unchanged over the course of the ATM Program, the expected use of net proceeds, if any, from the ATM Program and the potential repurchases by the Partnership of its LP Units under its NCIB program. Although Brookfield Renewable believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward-looking statements or information in this news release. The future performance and prospects of Brookfield Renewable are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of Brookfield Renewable to differ materially from those contemplated or implied by the statements in this news release are described in the documents filed by Brookfield Renewable with the securities regulators in Canada and the United States, including under “Risk Factors” in the Canadian Prospectus and the U.S. Prospectus, each of BEPC and the Partnership’s most recent Annual Report on Form 20-F and the other documents incorporated by reference in the Canadian Prospectus and the U.S. Prospectus.

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

What did Brookfield Renewable announce about an ATM program on January 13, 2026 for BEP/BEPC?

Brookfield Renewable filed to permit an ATM program under which BEPC may sell up to $400 million of BEPC Shares to treasury for market sales.

How will BEPC use proceeds from the $400 million ATM program (NYSE: BEP / BEPC)?

Net proceeds are intended to facilitate repurchases of Partnership LP Units under the NCIB and for general corporate purposes.

Will the BEPC ATM program dilute BEP shareholders?

The company intends the program to be generally non-dilutive as BEPC Shares are exchangeable for LP Units, though temporary fluctuations may occur during issuances.

Where and when can BEPC sell shares under the ATM program (NYSE: BEPC)?

BEPC Shares may be sold on the TSX, NYSE or other permitted marketplaces from time to time until February 24, 2027 or earlier termination.

Who are the agents handling Brookfield Renewable's ATM distribution for BEPC?

The Distribution Agreement names BMO Nesbitt Burns, TD Securities, BMO Capital Markets and TD Securities (USA) as the Agents.

How is each BEPC Share convertible relative to BEP LP Units under the ATM program?

Each BEPC Share is exchangeable at the holder's option for one LP Unit or for a cash equivalent as determined by the company.