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Prudential Private Capital invests $80M in Brookfield Hydroelectric Assets

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Prudential Private Capital provided $80M of Senior Secured Notes to Great Lakes Hydro America, LLC.
DALLAS, February 23, 2024 – Prudential Private Capital provided $80M of Senior Secured Notes to Great Lakes Hydro America, LLC, a portfolio of operating hydro facilities owned by Brookfield with an aggregate capacity of 168MW and 34 MW/ 69 MWH of battery energy storage systems in the Northeast. 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).

Prudential Private Capital has supported this portfolio of hydro assets owned by Brookfield through multiple issuances through the last two decades:

  • $90 million issuance in 2004;
  • $125 million refinancing in 2014;
  • $30 million add-on in 2019;
  • $170 million refinancing and upsizing in 2022; and
  • $80 million add-on in 2023
“Our 20-year partnership with Brookfield reinforces our long-term financing commitment as we continue to support their portfolio of hydro facilities,” said Ingrida Soldatova, Senior Vice President of Prudential Private Capital’s Power Group

“Our hydro portfolio of first lien and holdco investments continues to grow across North America and Europe, totaling approximately $950 million, demonstrating our expertise and continued dedication to the sector,” added Soldatova.

About Brookfield:

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 $101.5 billion for our partners (as of December 31, 2023).

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February 23, 2024
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