Prudential Private Capital Invests $62.5M in Brookfield Hydroelectric Plants
DALLAS, January 10, 2024 – Prudential Private Capital provided $62.5 million of senior secured notes to a subsidiary of Brookfield Asset Management (NYSE: BAM, TSX: BAM) (“Brookfield”) to finance a 296 MW portfolio of two operating hydroelectric projects located in Pennsylvania. Prudential Private Capital is a leading source of private debt for public and private companies and is the private capital arm of PGIM, the $1.2 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
“We are excited to support a high quality hydro portfolio of Holtwood and Wallenpaupack renewable long life assets,” said Ingrida Soldatova, Senior Vice President of Prudential Private Capital’s Power group. “With the addition of both projects, our hydro portfolio of first lien and holdco investments in North America and Europe is approximately $950 million. We look forward to continuing supporting Brookfield, a premier owner and manager of hydro assets globally.”
“We look forward to continue supporting Brookfield, a premier owner and manager of hydro assets globally.”
Ingrida Soldatova, Senior Vice President, Real Assets – Power
Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $850 billion of assets under management. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.
Brookfield operates Brookfield Renewable Partners (NYSE: BEP, TSX: BEP), one of the world’s largest publicly traded platforms for renewable power and decarbonization solutions. Our portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 31,800 megawatts of installed capacity and a development pipeline of approximately 143,400 megawatts of renewable power assets, 14 million metric tonnes per annum (“MMTPA”) of carbon capture and storage, 2 million tons of recycled material and 4 million metric million British thermal units of renewable natural gas production annually.
About Prudential Private Capital
For nearly 100 years, Prudential Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights and customized capital solutions that enable them to achieve their growth and funding goals. In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, we are known for building enduring local partnerships based on a steady and patient commitment to our partners’ long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of over $97.0 billion for our partners (as of September 30, 2023).