BNP Paribas Concludes Sustainability Connected RCF with Brookfield Renewables

The key feature of this RCF structure is a pricing incentive whereby Brookfield Renewable Partners’ cost of debt declines as it continues to expand its renewable and clean electricity generating capacity and meets pre-determined CO2 emissions avoidance levels

January 08, 2020. By News Bureau

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BNP Paribas has announced that it has closed a bi-lateral, incentive-linked corporate revolving credit facility (“RCF”) with Brookfield Renewable Partners L.P, structured as a sustainability-linked loan (“SLL”). This is one of the first SLLs offered in Canada and the first for BNP Paribas in Canada.

SLLs characteristically incorporate a pricing mechanism linked to a client's environmental, social or governance (ESG) performance.

The key feature of this RCF structure is a pricing incentive whereby Brookfield Renewable Partners’ cost of debt declines as it continues to expand its renewable and clean electricity generating capacity and meets pre-determined CO2 emissions avoidance levels. This alignment ultimately reflects the vision of placing sustainability at the core of its business strategy.

“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 Deschâtelets, Managing Director at Brookfield Renewable, responsible for the capital markets and treasury function globally. “We also see this facility as a complement to issuances under our Green Bond framework.”

Sonja Volpe, Principal Officer and CEO BNP Paribas in Canada, stated: “We are delighted to be helping Brookfield Renewable Partners, one of the world's largest investors in renewable power, to build on its leadership position in renewables. The sustainability lending space has grown rapidly worldwide, and BNP Paribas is proud to be a leader in renewable energy financing, and Sustainable Finance more broadly.”

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