Brookfield Renewable Partners, a Bermudian-based limited partnership, has agreed to issue C$150 million (approximately $108.4 million) of preferred units, yielding 5.75 per cent, to the investing public.

The company is one of the world’s largest, publicly traded renewable energy platforms, and owns a power portfolio including hydroelectric, wind, utility-scale solar, distributed solar and storage facilities.

Under the agreement, Brookfield Renewable will issue six million, 5.75 per cent units on to a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, National Bank of Canada Capital Markets, RBC Capital Markets and TD Securities for distribution to the public.

The Series 19 preferred units will be issued at a price of C$25 per unit, for gross proceeds of C$150,000,000.

Holders of the units will be entitled to receive a cumulative quarterly fixed distribution yielding 5.75 per cent annually for the initial period ending July 31, 2031. The distribution rate will be reset every five years at a rate equal to the greater of the five-year Government of Canada bond yield plus 2.65 per cent, and 5.75 per cent.The units are redeemable on July 31, 2031.

The proceeds will be used to help fund the company’s energy projects.