January 7 (Renewables Now) - Brookfield Renewable Partners LP (NYSE:BEP) has secured a revolving credit facility from BNP Paribas US Inc, structured as a sustainability-linked loan, the lender said on Monday.
The bi-lateral, incentive-linked debt incorporates a pricing mechanism that will see Brookfield Renewable Partners’ cost of debt decrease as the company grows its renewable and clean power production capacity and meets certain avoidance levels for carbon dioxide (CO2) emissions. Details about the size of the loan, however, were not provided.
“BNP Paribas’s sustainability-linked loan aligns well with our goal of expanding our renewable power portfolio as we continue to play a leading role in the decarbonization of the global power generation grid,” said Julian Deschatelets, managing director at Brookfield Renewable. The Ontario-based firm has over 18,000 MW of installed hydropower, wind, solar and storage capacity in North America, South America, Europe and Asia. In addition, it has an 8,000-MW development pipeline.
The sustainability-linked loan is the first financing facility of this kind that BNP Paribas offers in Canada, the lender noted.