Brookfield Renewable (BEPC) 424B3Prospectus supplement

SUMMARY

This summary highlights selected information from this proxy statement/prospectus. It may not contain all of the information that is important to you. You should read this entire proxy statement/prospectus carefully, especially the “Risk Factors” section and the more detailed information and financial data and statements contained elsewhere in this proxy statement/prospectus and incorporated herein by reference in order to fully understand the TERP acquisition and the Reorganization Agreement. Some of the statements in this proxy statement/prospectus constitute forward-looking statements that involve risks and uncertainties. See “Special Note Regarding Forward-Looking Information” for more information. Unless otherwise indicated or the context otherwise requires, the disclosure in this proxy statement/prospectus assumes that the special distribution has been completed. See “Where You Can Find More Information”. See “Glossary” for the definitions of the various defined terms used throughout this proxy statement/prospectus. We have included page references to direct you to a more complete description of the topics presented in this summary.

The Companies (See Page 124)

Brookfield Renewable Partners L.P.

Brookfield Renewable Partners L.P.

73 Front Street, 5th Floor

Hamilton, HM 12, Bermuda

Telephone: (441) 294-3304

Brookfield Renewable Partners L.P. (referred to herein as BEP) is a Bermuda exempted limited partnership and its sole material asset is its limited partnership interest and preferred limited partnership interest in BRELP. Brookfield Renewable was established by BAM to own and operate high-quality power assets globally, and is one of the largest, publicly traded, pure-play renewable power businesses in the world. BEP’s portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals over 19,000 MW of installed capacity and an approximately 13,000 MW development pipeline. BEP units are listed on the NYSE under the symbol “BEP” and on the TSX under the symbol “BEP.UN”.

Additional information about BEP and its subsidiaries is included in documents incorporated herein by reference. See the section entitled “Where You Can Find More Information”.

Brookfield Renewable Corporation

Brookfield Renewable Corporation

250 Vesey Street, 15th Floor

New York, New York 10281-1023

Telephone: (212) 417-7000

Brookfield Renewable Corporation (referred to herein as BEPC) is a corporation incorporated under the laws of British Columbia and is a controlled subsidiary of BEP. Immediately prior to completion of the TERP acquisition and following completion of the BEP contribution, BEPC’s operations are expected to consist of approximately 8,326 MW of installed hydroelectric, wind, solar, storage and ancillary capacity across Brazil, Colombia and the United States, and annualized long-term average generation on a consolidated basis of 33,088 GWh and on a proportionate basis of approximately 16,327 GWh, which excludes the 10% interest in LATAM Holdco that will be retained by Brookfield Renewable. Immediately prior to the completion of the TERP acquisition, BEPC exchangeable shares are expected to be listed on the NYSE and the TSX.

Additional information about BEPC is included elsewhere in this proxy statement/prospectus.

TerraForm Power, Inc.

TerraForm Power, Inc.

200 Liberty Street, 14th Floor

New York, New York 10281

Telephone: (646) 992-2400

TerraForm Power, Inc. (referred to herein as TerraForm Power or TERP) owns and operates over 4,200 MW of diversified high-quality solar and wind assets in North America and Western Europe underpinned by long-term contracts. Significant diversity across technologies and locations coupled with contracts across a large, diverse group of creditworthy counterparties significantly reduces the impact of resource variability on cash available for distribution and limits TerraForm Power’s exposure to any individual counterparty. TerraForm Power is sponsored by BAM, a leading global alternative asset manager with over $515 billion in assets under management. BEP and affiliates of BAM held approximately 62% of TERP common stock as of the TERP record date.

Shares of TERP common stock are traded on NASDAQ under the symbol “TERP”. If the TERP acquisition is completed, TERP common stock will cease to be listed on NASDAQ and will be deregistered under the Exchange Act.

Additional information about TerraForm Power is included in documents incorporated herein by reference. See “Where You Can Find More Information”.

TerraForm Power NY Holdings, Inc.

TerraForm Power NY Holdings, Inc.

c/o TerraForm Power, Inc.

200 Liberty Street, 14th Floor

New York, New York 10281

Telephone: (646) 992-2400

TerraForm Power NY Holdings, Inc. (referred to herein as TerraForm New York), a wholly owned direct subsidiary of TerraForm Power, is a New York corporation that was incorporated on March 16, 2020 for the purpose of effecting the TERP acquisition. To date, TerraForm New York has not conducted any activities other than those incidental to its incorporation and the matters contemplated by the Reorganization Agreement in connection with the TERP acquisition. Pursuant to the Reorganization Agreement, TerraForm Power will merge with and into TerraForm New York, with TerraForm New York as the surviving corporation, and the separate corporate existence of TerraForm Power will cease. As of the completion of the TERP acquisition, TerraForm New York will become wholly owned by the Brookfield Renewable group and the Brookfield Renewable group’s affiliates.

2252876 Alberta ULC

2252876 Alberta ULC

4600 Eighth Avenue Place East

525 – 8th Avenue SW

Calgary, AB T2P 1G1

Telephone: (403) 776-3700

2252876 Alberta ULC (referred to herein as Acquisition Sub), a wholly owned direct subsidiary of BEP, is an unlimited liability corporation incorporated under the laws of Alberta that was incorporated on March 13,

2020 for the purpose of facilitating the TERP acquisition. To date, Acquisition Sub has not conducted any activities other than those incidental to its incorporation and the matters contemplated by the Reorganization Agreement in connection with the TERP acquisition.

TERP Stockholders Meeting (See Page 126)

Required Vote

The TERP Acquisition and the Reorganization Agreement (See Pages 150 and 215)

The Reorganization Agreement provides that, on the terms and subject to the conditions in the Reorganization Agreement, and in accordance with the DGCL and NYBCL, on the completion date, the Brookfield Renewable group will acquire all of the outstanding public TERP shares, through a series of transactions that include the reincorporation merger and the share exchange. In the reincorporation merger, TerraForm Power will merge with and into TerraForm New York, with TerraForm New York as the surviving

corporation of such merger, and the Brookfield stockholders, holders of public TERP shares who do not make an election to receive BEP units and holders of public TERP shares who make an election to receive BEP units, will receive TerraForm New York class A common stock, TerraForm New York class B common stock and TerraForm New York class C common stock, respectively. See “Reorganization Agreement—Election Procedures”. In the share exchange, BEPC will acquire each share of TerraForm New York class B common stock in exchange for BEPC exchangeable shares and cash in lieu of fractional BEPC exchangeable shares and Acquisition Sub will acquire each share of TerraForm New York class C common stock in exchange for BEP units and cash in lieu of fractional units. The TERP acquisition will not be completed without the approval of the Reorganization Agreement and the reincorporation merger and the share exchange contemplated thereby by the TERP stockholders, including the unaffiliated TERP stockholder approval.

A copy of the Reorganization Agreement is attached as Annex A to this proxy statement/prospectus. You are urged to read the Reorganization Agreement in its entirety because it is the legal document that governs the TERP acquisition. See “The Reorganization Agreement”.

Assuming the satisfaction (or, to the extent legally permissible, waiver (except with respect to the receipt of the TERP stockholder approvals condition, which is not waivable)) of the conditions set forth in the Reorganization Agreement, the target completion of the TERP acquisition is the third quarter of 2020, and we expect to consummate the special distribution on or about the business day prior to the completion of the TERP acquisition. However, the TERP acquisition is subject to various conditions, including the condition that the special distribution has occurred or all actions reasonably necessary to cause the special distribution to occur no later than immediately prior to the completion of the TERP acquisition have been taken, and it is possible that factors outside the control of TerraForm Power or the Brookfield Renewable group could result in the TERP acquisition being completed at a later time, or not at all. An end date of December 16, 2020 has been set for the completion of the TERP acquisition, subject to a three-month extension under certain circumstances as detailed in the Reorganization Agreement. In addition, there is no assurance the satisfaction of the special distribution condition will occur by the end date or occur at all.

Effects of the TERP Acquisition (See Page 150)

If the conditions to the completion of the TERP acquisition are either satisfied or, to the extent legally permissible, waived (except with respect to the receipt of the TERP stockholder approvals condition, which is not waivable), as a first step of the TERP acquisition, TerraForm Power will merge with and into TerraForm New York, with TerraForm New York as the surviving corporation of such merger, and the separate corporate existence of TerraForm Power will cease. Immediately following the reincorporation merger and as a result of the share exchange, each public TERP share automatically will be exchanged into the right to receive consideration consisting of a number of, at the election of the holder of such public TERP share, BEPC exchangeable shares or BEP units, in each case, equal to the adjusted exchange ratio and subject to further adjustment to prevent dilution in accordance with the Reorganization Agreement. Following completion of the TERP acquisition, TerraForm New York will become wholly owned by the Brookfield Renewable group and the Brookfield Renewable group’s affiliates, and TERP common stock will no longer be publicly traded. Each share of TERP common stock held by the Brookfield stockholders prior to the completion of the TERP acquisition will remain issued and outstanding as one share of class A common stock of TerraForm New York, the surviving corporation.

What TERP Stockholders Will Receive in the TERP Acquisition (See Page 204)

If the TERP acquisition is completed, each public TERP share will automatically be exchanged into the right to receive TERP acquisition consideration consisting of a number of, at the election of the holder of such public TERP shares, BEPC exchangeable shares or BEP units, in each case, equal to the adjusted exchange ratio and subject to further adjustment to prevent dilution in accordance with the Reorganization Agreement. The

adjusted exchange ratio will be determined by multiplying (x) 0.381 by (y) the sum of (i) the number (rounded, if necessary, to three decimal points) of BEPC exchangeable shares to be distributed with respect to each BEP unit upon the consummation of the special distribution and (ii) one. For example, if holders of BEP units receive one BEPC exchangeable share for every four BEP units in the special distribution, the adjusted exchange ratio will be equal to 0.47625, and holders of public TERP shares will receive, at their election, 0.47625 of a BEPC exchangeable share or BEP unit per public TERP share. Each BEPC exchangeable share has been structured with the intention of providing an economic return equivalent to one BEP unit (subject to adjustment to reflect certain capital events). See “BEPC Relationship with Brookfield Renewable” and “Description of BEPC Share Capital—BEPC Exchangeable Shares”. Holders of public TERP shares will not participate in the special distribution. Unaffiliated TERP stockholders will receive cash in lieu of any fractional BEPC exchangeable shares or BEP units, as applicable, that they would otherwise have been entitled to receive.

To elect to receive BEP units, holders of public TERP shares must indicate on the election form an election to receive TerraForm New York class C common stock, and such TerraForm New York class C common stock, subject to the treatment of fractional shares, will automatically exchange into BEP units following completion of the TERP acquisition. Holders of public TERP shares who do not make an election to receive BEP units will be entitled to receive BEPC exchangeable shares following completion of the share exchange. There is no limit on the number of public TERP shares that may be exchanged for BEPC exchangeable shares or BEP units. For a description of the applicable BEP unit election procedures, see the sections entitled “The TERP Acquisition—Exchange of Public TERP Shares in the TERP Acquisition” and “The Reorganization Agreement—Election Procedures”.

The Reorganization Agreement does not contain any provision that would adjust the exchange ratio based on fluctuations in the market price of TERP common stock, BEP units or BEPC exchangeable shares. Because of this, the implied value of the TERP acquisition consideration will fluctuate between now and the completion of the TERP acquisition.

Treatment of TERP Equity Awards (See Page 205)

Under the terms of the Reorganization Agreement, upon the completion of the reincorporation merger, all outstanding TerraForm Power RSUs will automatically be converted into TerraForm New York RSUs, on a one-for-one basis. Upon the completion of the share exchange, each outstanding TerraForm New York RSU award will be converted into a time-based restricted stock unit of BEPC with respect to a number of BEPC exchangeable shares (with any fractional shares rounded down to the nearest whole share) equal to the product of (1) the number of shares of TerraForm New York common stock subject to such TerraForm New York RSU immediately prior to the completion of the share exchange and (2) the adjusted exchange ratio, subject to adjustment as provided in the Reorganization Agreement to prevent dilution. Such BEPC restricted stock units will be subject to substantially the same terms and conditions as were applicable to the TerraForm Power RSUs (except that the form of payment upon vesting will be in BEPC exchangeable shares).

Upon the completion of the TERP acquisition, BEPC will assume sponsorship of the TerraForm Power Inc. 2018 Amended and Restated Long-Term Incentive Plan.

Reasons for the Special Committee’s and TerraForm Power Board’s Recommendation (See Page 160)

The TerraForm Power Board (acting on the recommendation of the Special Committee in the case of the Merger Proposal) recommends that you vote your shares:

“FOR” the adoption of the Plan of Merger and the approval of the Reorganization Agreement, the reincorporation merger and the share exchange;

“FOR” the election of seven directors to serve until the next TerraForm Power annual meeting and until their respective successors are duly elected or appointed and qualified, subject to his or her earlier resignation or removal (including in connection with the completion of the TERP acquisition) or death;

“FOR” the ratification of the appointment of Ernst & Young LLP as TerraForm Power’s independent registered public accounting firm for 2020;

“FOR” the ratification, on a non-binding, advisory basis, of the compensation paid to TerraForm Power’s named executive officers; and

“FOR” the approval of the adjournment of the TERP stockholders meeting, if necessary, to solicit additional proxies if there are not sufficient votes to approve the Merger Proposal.

In the course of reaching its decision to approve the Plan of Merger, Reorganization Agreement and the transactions contemplated by the Reorganization Agreement, including the reincorporation merger and the share exchange, the TerraForm Power Board (acting on the recommendation of the Special Committee) considered a number of factors in its deliberations. For a more complete discussion of these factors, please see “The TERP Acquisition—Recommendation of the TerraForm Power Board”, “The TERP Acquisition—Reasons for the Special Committee’s Recommendation” and “The TERP Acquisition—Reasons for TerraForm Power Board’s Recommendation”.

Opinions of Financial Advisors to the Special Committee of Terraform Power (See Pages 168 and 181)

Opinion of Morgan Stanley & Co. LLC (See Page 168)

Morgan Stanley & Co. LLC, which we refer to as Morgan Stanley, was retained by the Special Committee to act as its financial advisor in connection with the TERP acquisition. The Special Committee selected Morgan Stanley to act as its financial advisor based on Morgan Stanley’s qualifications, expertise, reputation and knowledge of the industry, business and affairs of TerraForm Power. On March 16, 2020, Morgan Stanley rendered its oral opinion, which was subsequently confirmed in writing, to the Special Committee that, as of that date, and based upon and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of review undertaken by Morgan Stanley as set forth in its opinion, the consideration to be received by the holders of TERP common stock pursuant to the Reorganization Agreement was fair from a financial point of view to the holders of TERP common stock (other than the Brookfield stockholders, such holders referred to as the unaffiliated TERP stockholders).

The full text of Morgan Stanley’s written opinion to the Special Committee, dated March 16, 2020, is attached to this proxy statement/prospectus as Annex B. TERP stockholders should read the opinion in its entirety for a discussion of the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of review undertaken by Morgan Stanley in rendering its opinion. This summary is qualified in its entirety by reference to the full text of such opinion. Morgan Stanley’s opinion was addressed to, and rendered for the benefit of, the Special Committee, in its capacity as such, and addressed only the fairness, from a financial point of view, of the consideration to be received by the unaffiliated TERP stockholders pursuant to the Reorganization Agreement as of the date of the opinion and did not address any other aspects or implications of the TERP acquisition. Morgan Stanley was not requested to opine as to, and its opinion does not in any manner address, the relative merits of the transactions contemplated by the Reorganization Agreement as compared to other business or financial strategies that might be, or, at the time the opinion was rendered, might have been available to TerraForm Power, nor does it address the underlying business decision of TerraForm Power to enter into the Reorganization Agreement or the other transaction documents (as defined below) or proceed with any other transaction contemplated by the Reorganization Agreement or the other transaction documents. Morgan Stanley’s opinion was not intended to, and does not, express an opinion or a recommendation as to how TERP stockholders should vote at the TERP stockholders meeting or any adjournment thereof,

make any election with respect to the TERP acquisition or as to any other action that a stockholder should take in relation to the TERP acquisition. In addition, Morgan Stanley expressed no opinion in respect of the special distribution (discussed in further detail in the section entitled “The Special Distribution” in this proxy statement/prospectus).

Opinion of Greentech Capital Advisors Securities, LLC (See Page 181)

The Special Committee of the TERP board retained Greentech Capital Advisors Securities, LLC, referred to as Greentech, to act as a financial advisor in connection with the TERP acquisition. Greentech is an internationally recognized investment banking firm that is regularly engaged in the valuation of businesses and securities in connection with mergers and acquisitions, private placements and valuations for corporate and other purposes. The Special Committee selected Greentech to act as a financial advisor in connection with the TERP acquisition on the basis of Greentech’s experience in transactions similar to the TERP acquisition, its reputation in the investment community and its familiarity with TerraForm Power and TerraForm Power’s business and assets.

On March 16, 2020, at a meeting of the Special Committee held to evaluate the TERP acquisition, Greentech delivered to the Special Committee an oral opinion, which was confirmed by delivery of a written opinion dated March 16, 2020, to the effect that, as of the date of the opinion and subject to the various assumptions made, procedures followed, factors considered, and limitations of the review undertaken, qualifications contained and other matters set forth therein, the exchange ratio of 0.381 was fair, from a financial point of view, to the holders of outstanding shares of TERP common stock, other than shares held in the treasury of TerraForm Power or shares held by the Brookfield stockholders.

The full text of Greentech’s written opinion to the Special Committee, which describes, among other things, the assumptions made, procedures followed, factors considered and limitations on the review undertaken, qualifications contained and other matters set forth therein, is attached to this proxy statement/prospectus as Annex C and is incorporated by reference herein in its entirety. This summary of Greentech’s opinion is qualified in its entirety by reference to the full text of the opinion. Greentech delivered its opinion to the Special Committee for the benefit and use of the Special Committee (in its capacity as such) in connection with and for purposes of its evaluation of the TERP acquisition. Greentech’s opinion does not address any other aspect of the TERP acquisition other than the fairness of the exchange ratio, from a financial point of view, to the holders of the public TERP shares, and no opinion or view was expressed as to the relative merits of the TERP acquisition in comparison to other strategies or transactions that might be available to TerraForm Power, or in which TerraForm Power might engage, or as to the underlying business decision of the TERP board or TerraForm Power to proceed with or effect the TERP acquisition.

Greentech’s opinion does not address any other aspect of the TERP acquisition and does not constitute a recommendation to the Special Committee or the TERP board as to how they should vote on the TERP acquisition or to any holder of TERP common stock as to how any such stockholder should vote at any stockholders’ meeting at which the TERP acquisition is considered, or whether or not any such stockholder should enter into a voting, shareholders’, or affiliates’ agreement with respect to the TERP acquisition or exercise any dissenter’s or appraisal rights that may be applicable to such stockholder.

Regulatory Approvals for the TERP Acquisition (See Page 202)

Completion of the TERP acquisition is conditioned upon the expiration or termination of the waiting period relating to the TERP acquisition under the HSR Act, clearance from the Canadian Competition Bureau and review and authorization by the FERC.

U.S. Antitrust Filing

Pursuant to the requirements of the HSR Act, BAM, BEP and TerraForm Power have filed the requisite notification and report forms under the HSR Act with the Antitrust Division of the Department of Justice and the Federal Trade Commission on May 11, 2020. Early termination of the HSR Act waiting period was granted on May 27, 2020. As a result, the condition related to expiration or termination of the HSR Act waiting period has now been satisfied.

Canadian Antitrust Approvals

On April 7, 2020, BEP filed a request pursuant to the Competition Act for either (a) an advance ruling certificate pursuant to the Competition Act or (b) a no-action letter and waiver from the obligation to notify the Commissioner of Competition of the proposed transaction. On April 21, 2020, the Canadian Competition Bureau issued a no-action letter and waiver. As a result, the condition related to clearance from the Canadian Competition Bureau has now been satisfied.

FERC Filings

The proposed transaction is subject to review and authorization by the FERC, pursuant to Section 203 of the Federal Power Act. (16 U.S.C. § 824b). FERC review is triggered by the submission of a request for authorization for the transaction, commonly referred to as a 203 Application, which is submitted by the FERC-jurisdictional public utility entities of TerraForm Power and/or their upstream holding company affiliates implicated in the transaction. The 203 Application will demonstrate that the transaction does not raise any competitive concerns. FERC typically acts on unopposed applications within 60 to 90 days after submission. On April 24, 2020, BEP and TerraForm Power submitted a 203 Application with respect to the TERP acquisition, which 203 Application is unopposed.

Subject to certain conditions described below, if the TERP acquisition is not completed on or before December 16, 2020 (referred to as the end date) or if a legal restraint preventing the completion of the TERP acquisition becomes final and nonappealable, either BEP or TerraForm Power may terminate the Reorganization Agreement. However, if, on the end date, the condition to the completion of the TERP acquisition set forth in the Reorganization Agreement relating to antitrust and regulatory conditions is not satisfied or waived (except with respect to the receipt of the TERP stockholder approvals condition, which is not waivable), but all other conditions to completion of the TERP acquisition have been satisfied or waived (other than those conditions that by their nature are to be satisfied at the completion of the TERP acquisition), then the end date may be extended by either TerraForm Power or BEP to a date not beyond March 16, 2021. See “The Reorganization Agreement—Termination of the Reorganization Agreement”.

Other Government Approvals

While not a condition to completion of the TERP acquisition, the proposed transaction is subject to review and authorization by the New York State Public Service Commission (the “NYPSC”), pursuant to Section 70 of the New York Public Service Law. NYPSC review was triggered by the submission of a petition on May 4, 2020 requesting that the NYPSC declare that no further review of the proposed transaction is required under Section 70 because no competitive issues are raised by the transaction nor will it cause any harm to the interests of captive utility ratepayers. In the alternative, the petition requested approval of the proposed transaction under Section 70 because the proposed transaction is in the public interest for these same reasons. The NYPSC typically acts on such petitions within 60 to 90 days after submission.

BEP, BEPC and TerraForm Power do not contemplate making any other material governmental filing in relation to the TerraForm Power acquisition. It is presently contemplated that if any additional governmental approvals or actions are required, those approvals or actions will be sought. There can be no assurance, however, that any such additional approvals or actions will be obtained.

Accounting Treatment (See Page 204)

Brookfield (together with the Brookfield stockholders) holds approximately 62% of the outstanding shares of TERP’s common stock as of the date of this proxy statement/prospectus. Brookfield also is able to control the appointment and removal of BEPC’s directors and the directors of BEP’s general partner and, accordingly, exercises substantial influence over BEPC and BEP. Simultaneously with the completion of the TERP acquisition, BEPC intends to enter into voting agreements with BEP and certain indirect subsidiaries of Brookfield to transfer the power to vote their respective shares held of TerraForm Power (or its successor entity) to BEPC. As a result, BEPC (and indirectly BEP) will control and consolidate TERP upon completion of the TERP acquisition. The transfer of control of TerraForm Power to BEPC (and indirectly BEP) is considered to be a transaction between entities under common control and will be valued based on Brookfield’s book value in TerraForm Power, and, after the completion of the TERP acquisition, the results of TerraForm Power and BEPC and BEP will be presented retrospectively on a combined basis for all historical periods they were under common control. The TERP acquisition will be accounted for by BEPC and BEP as an acquisition of non-controlling interest in a subsidiary.

No Solicitation by TerraForm Power of Takeover or Alternative Proposals (See Page 223)

TerraForm Power has agreed, except as otherwise provided in the Reorganization Agreement, not to, and not to authorize or direct any of its subsidiaries or any of its or their respective officers, directors, employees or representatives to, directly or indirectly:

Additionally, TerraForm Power has agreed to (1) immediately cease and cause to be terminated all discussions or negotiations with any person (other than BEP and its representatives) conducted prior to the date of the Reorganization Agreement with respect to a TERP Takeover Proposal or any inquiry or proposal that would reasonably be expected to result in or lead to a TERP Takeover Proposal, (2) promptly request each person (other than BEP and its representatives), if any, that has executed a confidentiality agreement in the last six months to return or destroy all information TerraForm Power or its subsidiaries or representatives have furnished to such person or its representatives and (3) immediately terminate all physical and electronic data room access previously granted to any such person or its representatives (other than BEP and its representatives).

Notwithstanding these restrictions, the Reorganization Agreement provides that at any time prior to obtaining the TERP stockholder approvals, TerraForm Power and its representatives may, in response to a bona fide written TERP Takeover Proposal that the TERP board (acting on recommendation of the Special Committee) determines in good faith (after consultation with its outside legal counsel and financial advisor) constitutes, or could reasonably be expected to result in or lead to, a superior proposal, as defined under “The Reorganization Agreement—No Solicitation by TerraForm of Takeover or Alternative Proposals”, and which did not result from a material breach of the non-solicitation obligations described above, subject to compliance with the provisions of the Reorganization Agreement described in the following paragraph, take the following actions:

in each case, if and so long as the TERP board (acting on the recommendation of the Special Committee) determines in good faith after consultation with its outside legal counsel that the failure to provide such information or engage in such negotiations or discussions would be inconsistent with its fiduciary duties under applicable law.

The Reorganization Agreement also requires TerraForm Power to (1) promptly, and in any event within 24 hours, advise BEP of any TERP Takeover Proposal or any request for information or inquiry that would reasonably be expected to result in or lead to a TERP Takeover Proposal, the identity of the person making such TERP Takeover Proposal, request or inquiry and the material terms of such TERP Takeover Proposal, request or inquiry, (2) keep BEP fully informed in on a reasonably current basis of the status, including any change to the terms of such TERP Takeover Proposal, and (3) provide BEP copies of all correspondence and other written material sent or provided to or by TerraForm Power from or to any third party in connection with a TERP Takeover Proposal as soon as practicable after receipt or delivery of the same. Subject to certain exceptions set forth therein, the Reorganization Agreement also prohibits the TerraForm Power Board or Special Committee from making any Company Adverse Recommendation Change (as defined in the Reorganization Agreement).

Completion of the TERP Acquisition Is Subject to Certain Conditions (See Page 230)

The obligations of each of BEP, BEPC and Acquisition Sub, on the one hand, and TerraForm Power and TerraForm New York, on the other, to complete the TERP acquisition are subject to the satisfaction or, to the extent legally permissible (and except with respect to the condition described in the first bullet below, which is not waivable) waiver on or prior to the completion date of the following conditions:

By reason of the commitment of the Brookfield stockholders under the TERP Voting Agreement to vote their TERP common stock in favor of the TERP acquisition, the condition described in the first bullet will be satisfied if the unaffiliated TERP stockholder approval is obtained. The Merger Proposal will not be approved, however, unless the unaffiliated TERP stockholder approval is obtained. For more information on the TERP Voting Agreement, see the section entitled “The TERP Voting Agreement”.

In addition, TerraForm Power’s and TerraForm New York’s obligation to complete the TERP acquisition is further subject to the following conditions:

Notwithstanding these conditions, the Reorganization Agreement provides that, subject to certain exceptions, if the IRS ruling (as defined under “The Reorganization Agreement—Tax Matters”), which has been received, is retracted on or prior to the completion date, the requirement that the opinion above includes an opinion regarding the 351 tax treatment will be deemed waived.

We cannot be certain when, or if, the conditions to the TERP acquisition will be satisfied or waived (except with respect to the receipt of the TERP stockholder approvals condition, which is not waivable), or that the TERP acquisition will be completed.

Termination of the Reorganization Agreement (See Page 233)

The Reorganization Agreement may be terminated at any time prior to the completion of the TERP acquisition, whether before or after receipt of the TERP stockholder approvals, under the following circumstances:

If the Reorganization Agreement is terminated, it will become void and have no effect, without any liability or obligation on the part of any party, except in the case of a willful and material breach of the Reorganization Agreement and except that certain provisions of the Reorganization Agreement, including those relating to expenses and expense reimbursement, effect of termination and certain other general provisions, will survive termination.

Expenses and Expense Reimbursement Fee Under the Reorganization Agreement (See Page 234)

Except as described below, each party will pay all fees and expenses incurred by it in connection with the Reorganization Agreement and the transactions contemplated by the Reorganization Agreement.

If the Reorganization Agreement is terminated because the TERP stockholder approvals are not obtained at the TERP stockholders meeting or any adjournment or postponement thereof, BEP will be entitled to receive a fee of $15 million from TerraForm Power.

No Appraisal Rights (See Page 132)

Under Delaware law and New York law, the TERP stockholders will not have appraisal rights or dissenter’s rights in connection with the combination. See the sections entitled “The Reorganization Agreement—Terms of the Reincorporation Merger” and “The Reorganization Agreement—Terms of the Share Exchange”.

Listing of BEPC Exchangeable Shares and BEP Units and Delisting and Deregistration of TERP Common Stock (See Page 206)

Under the terms of the Reorganization Agreement, BEP, BEPC and Acquisition Sub must use reasonable best efforts to cause, on or prior to the completion of the TERP acquisition, the BEPC exchangeable shares and BEP units to be issued as TERP acquisition consideration and units issuable by BEP upon exchange of BEPC exchangeable shares to be approved for listing on the NYSE, subject to official notice of issuance, and conditionally approved for listing on the TSX, subject only to customary conditions. It is a condition to the parties’ obligations to complete the TERP acquisition that such approvals with respect to the BEPC exchangeable shares and BEP units constituting the TERP acquisition consideration are obtained.

In addition, in connection with the special distribution, BEPC has applied to have the BEPC exchangeable shares listed on the NYSE and the TSX, under the symbol “BEPC”. The NYSE has conditionally authorized BEPC to list on the NYSE and the TSX has conditionally approved the listing of these securities. Listing on the NYSE is subject to BEPC fulfilling all of the requirements of the NYSE, and listing on the TSX is subject to BEPC fulfilling all of the requirements of the TSX on or before September 21, 2020, including distribution of BEPC exchangeable shares to a minimum number of public shareholders. It is a condition to the parties’ obligations to complete the TERP acquisition that the special distribution has occurred or that all actions which are reasonably necessary to cause the special distribution to occur substantially simultaneously with, but no later than immediately prior to, the completion of the TERP acquisition have been taken.

If the TERP acquisition is completed, there will no longer be any publicly held shares of TERP common stock. Accordingly, TERP common stock will be delisted from NASDAQ and will be deregistered under the Exchange Act as promptly as practicable following the completion of the TERP acquisition and neither TerraForm Power nor TerraForm New York will be required to file periodic reports with the SEC in respect of TERP common stock.

TERP Voting Agreement (See Page 236)

Concurrently with the execution of the Reorganization Agreement, the Brookfield stockholders entered into the TERP Voting Agreement with TerraForm Power.

Pursuant to the TERP Voting Agreement, the Brookfield stockholders agreed, among other things and upon the terms and subject to the conditions therein, to (i) vote all of their shares of TERP common stock in favor of approving the Reorganization Agreement, the Plan of Merger, the reincorporation merger and the share exchange, and against, among other things, any alternative transaction that may be proposed and (ii) not transfer its shares of TERP common stock unless the transferee enters into a voting agreement on terms substantially identical to the TERP Voting Agreement.

The Brookfield stockholders together beneficially owned shares totaling approximately 62% of the shares of TERP common stock issued and outstanding as of March 13, 2020, being the business day immediately prior to the date of the Reorganization Agreement, and approximately 62% of the shares of TERP common stock issued and outstanding as of the TERP record date.

The TERP Voting Agreement may terminate in certain circumstances, including upon the termination of the Reorganization Agreement in accordance with its terms.

Material Federal Income Tax Consequences (See Pages 459 and 437)

Canada

A TERP stockholder not resident in Canada for purposes of the Tax Act will not be subject to tax under the Tax Act on the disposition of the stockholder’s public TERP shares (or any TerraForm New York class B common stock or TerraForm New York class C common stock into which such public TERP shares are exchanged) unless such shares are “taxable Canadian property” of the stockholder for purposes of the Tax Act at the time of the disposition and the stockholder is not entitled to relief under an applicable income tax convention between Canada and the country in which the stockholder is resident. It is generally not expected that BEPC exchangeable shares received pursuant to the transaction will be “taxable Canadian property” of such stockholder.

Dividends, other than capital gains dividends, paid or credited on the BEPC exchangeable shares or deemed to be paid or credited on the BEPC exchangeable shares to a non-resident holder will be subject to Canadian withholding tax at a rate of 25%, subject to any reduction in the rate of withholding to which the non-resident holder is entitled under any applicable income tax convention between Canada and the country in which the non-resident holder is resident.

A non-resident holder will not be subject to tax under the Tax Act on a disposition or deemed disposition of BEPC exchangeable shares unless the BEPC exchangeable shares are “taxable Canadian property” of the non-resident holder for purposes of the Tax Act at the time of the disposition or deemed disposition and the non-resident holder is not entitled to relief under an applicable income tax convention between Canada and the country in which the non-resident holder is resident.

For a summary of the material Canadian income tax considerations to a non-resident holder owning and disposing BEP units received pursuant to the TERP acquisition, please refer to “Item 10.E—Taxation” of BEP’s Annual Report. See also “Material Canadian Federal Income Tax Considerations”.

United States

The BEPC share exchange is intended to qualify as a transaction described in Section 351 of the Code, generally with no material gain or loss recognition to U.S. holders of public TERP shares, including by reason of the application of Section 367(a) of the Code. However, this tax treatment is not free from doubt, and there are factual and legal uncertainties concerning these conclusions. If the IRS were to challenge this tax treatment and such challenge were to be sustained, a U.S. holder of public TERP shares generally would be required to recognize gain (and might not be allowed to recognize loss) equal to the difference between the amount realized in the BEPC share exchange and such U.S. holder’s adjusted tax basis in the public TERP shares exchanged for BEPC exchangeable shares.

The BEP share exchange is intended to qualify as a contribution described in Section 721(a) of the Code, generally with no material gain or loss recognition to U.S. holders of public TERP shares who elect to receive BEP units as TERP acquisition consideration. However, this tax treatment is not free from doubt. There are factual and legal uncertainties concerning this conclusion, and there is additional uncertainty as to whether steps undertaken by BEP in connection with the TERP acquisition could result in adverse U.S. federal income tax consequences under the rules governing “disguised sales” to partnerships. If the IRS were to challenge this tax treatment and such challenge were to be sustained, a U.S. holder of public TERP shares generally would be required to recognize gain equal to the difference between the amount realized in the BEP share exchange and such U.S. holder’s adjusted tax basis in the public TERP shares exchanged for BEP units.

Non-U.S. holders of public TERP shares generally should not be subject to U.S. federal income tax on any gain realized in the BEPC share exchange or BEP share exchange.

Upon the completion of the TERP acquisition, holders of public TERP shares who elect to receive BEP units as TERP acquisition consideration will be subject to the U.S. federal income tax rules that apply to partners of a partnership. These rules differ materially from the U.S. federal income tax rules that apply to stockholders of a corporation.

Tax matters are complicated, and the tax consequences of the share exchange to holders of public TERP shares may depend on each holder’s particular facts and circumstances. Holders of public TERP shares are urged to consult independent tax advisers to understand fully the tax consequences to them of the transactions. For additional information on the U.S. federal income tax consequences of the transactions to holders of public TERP shares, see “Material United States Federal Income Tax Considerations”.

The Special Distribution (See Page 237)

The special distribution will entitle unitholders of BEP to receive one (1) BEPC exchangeable share for every four (4) BEP units held as of the distribution record date. The special distribution is not conditional on the TERP acquisition and will proceed in the event that the TERP acquisition is not consummated. However, if all of the conditions to the TERP acquisition are satisfied, the intention is for the special distribution to close shortly following the TERP stockholders meeting and in any event on or about the business day prior to the completion of TERP acquisition. In order to achieve this coordinated timing, the special distribution will be declared closer to the date of the TERP stockholders meeting, and the distribution record and payment date will be announced at that time.

BEP believes that certain investors in certain jurisdictions may be dissuaded from investing in BEP because of the tax reporting framework that results from investing in BEP units of a Bermuda-exempted limited partnership. Creating BEPC, a corporation, and distributing BEPC exchangeable shares, with each share structured with the intention of providing an economic return equivalent to one BEP unit is intended to achieve the following objectives:

TERP stockholders will not participate in the special distribution. The special distribution is being effected in a manner that BEP expects will not result in any adverse impact on Brookfield Renewable’s credit rating or its preference shareholders, preferred unitholders, or debtholders. See “The Special Distribution—Background to and Purpose of the Special Distribution” and “BEPC Relationship with Brookfield Renewable—Credit Support” for further details. For additional information regarding Brookfield Renewable, see “Brookfield Renewable Partners L.P.”.

Recent Developments

On March 11, 2020, the World Health Organization declared COVID-19 to be a pandemic. Actions taken globally in response to COVID-19 have significantly interrupted international business activities and contributed to significant volatility in the financial markets. The Brookfield Renewable group is currently monitoring the COVID-19 pandemic. The Brookfield Renewable group has implemented extra safety precautions with respect to its personnel, including remote working, as well as contingency plans with respect to its facilities. Given its assets constitute critical physical infrastructure and substantially all of its generation is sold in advance under contract, the Brookfield Renewable group has not experienced the material impact to its operations, financial condition, cash flows or financial performance that has been experienced by many other businesses. While the Brookfield Renewable group has experienced some supply chain delays and certain of its service providers are experiencing challenges, these developments have not had a material impact on the Brookfield Renewable group’s business to date. Based on the Brookfield Renewable group’s experience to date, it does not expect that its operations, financial condition, cash flows or financial performance will be materially impacted by COVID-19, and does not expect any material changes to its long-term strategies or to longterm demand for critical infrastructure assets such as renewable power as a result of the pandemic. For additional information on potential risks of the COVID-19 pandemic to its business, see “Risk Factors—Risks Relating to BEPC’s Operations and the Renewable Power Industry—Developments associated with the COVID-19 pandemic could have an adverse effect on the Brookfield Renewable group’s business”.

On April 3, 2020, a subsidiary of BEP issued C$350 million aggregate principal amount of medium-term notes, comprised of C$175 million ($124 million) aggregate amount of Series 11 Notes, due January 2029, with an effective interest rate of 3.57% and C$175 million ($124 million) aggregate principal amount of Series 12 Notes, due January 2030, with an effective interest rate of 3.62%.

On June 3, 2020, certain affiliates of BAM, which we refer to as the Selling Securityholders, completed a secondary offering of 10,236,000 BEP units on a bought deal basis to a syndicate of underwriters for distribution to the public. One of the Selling Securityholders has granted the underwriters an over-allotment option to purchase up to an additional 1,535,400 BEP units to be sold pursuant to the offering at the same offering price. The over-allotment option is exercisable for a period of 30 days from June 3, 2020.

Ownership and Organization Structure (See Page 247)

Prior to the completion of the special distribution and the TERP acquisition, BEPC was an indirect subsidiary of BEP. The following diagram provides an illustration of the simplified corporate structure of the Brookfield Renewable group and TerraForm Power immediately prior to completion of the special distribution and the TERP acquisition.

The following diagram provides an illustration of the simplified corporate structure of BEPC after completion of the special distribution and the TERP acquisition.

BEPC Management (See Page 348)

Similar to Brookfield Renewable, the Service Providers, being wholly-owned subsidiaries of Brookfield, will provide management services to BEPC pursuant to the BEP Master Services Agreement of Brookfield Renewable. Each of the members of the senior management team that is principally responsible for providing services to Brookfield Renewable has substantial operational and transactional origination and execution expertise, including Sachin Shah, who will serve as BEPC’s Chief Executive Officer, Wyatt Hartley, who will serve as BEPC’s Chief Financial Officer, Ruth Kent, who will serve as BEPC’s Chief Operating Officer and Jennifer Mazin, who will serve as BEPC’s General Counsel. See “BEPC Management and the BEP Master Services Agreement” for further details.

BEP and BEPC Relationship with Brookfield (See Page 364)

BEPC’s organizational and ownership structure involves a number of relationships that may give rise to conflicts of interest between BEPC and BEPC shareholders, on the one hand, and Brookfield and Brookfield Renewable, on the other hand. For example, BEPC expects that the BEPC board will mirror the board of the general partner of BEP, except that BEPC will add one additional non-overlapping board member to assist BEPC with, among other things, resolving any conflicts of interest that may arise from its relationship with Brookfield Renewable. Eleazar de Carvalho Filho will initially serve as the non-overlapping member of the BEPC board. Mr. de Carvalho Filho has served on the board of directors of the general partner of BEP since November 2011 and will resign from such board of directors prior to the special distribution. If in the 12 months following the special distribution, BEPC considers a related party transaction in which BEP is an interested party within the meaning of MI 61-101, Mr. de Carvalho Filho will not be considered an independent director under MI 61-101 for purposes of serving on a special committee to consider such transaction. In certain instances, the interests of Brookfield or Brookfield Renewable may differ from the interests of BEPC and BEPC’s shareholders. Further, Brookfield may make decisions, including with respect to tax or other reporting positions, from time to time that may be more beneficial to one type of investor or beneficiary than another, or to Brookfield rather than to BEPC and BEPC’s shareholders. See “BEP and BEPC Relationship with Brookfield—Conflicts of Interest and Fiduciary Duties” below for more information.

BEPC Dividend Policy (See Page 241)

The BEPC board may declare dividends at its discretion. However, each BEPC exchangeable share has been structured with the intention of providing an economic return equivalent to one BEP unit and it is expected that dividends on BEPC exchangeable shares will be declared and paid at the same time as distributions are declared and paid on the BEP units and that dividends on each BEPC exchangeable share will be declared and paid in the same amount as are declared and paid on each BEP unit to provide holders of BEPC exchangeable shares with an economic return equivalent to holders of BEP units. BEPC expects to commence paying dividends on BEPC exchangeable shares on the first distribution payment date for the BEP units occurring after the distribution date for the special distribution. Additionally, pursuant to the Equity Commitment Agreement, BEP has agreed that it will not declare or pay any distribution on the BEP units if on such date BEPC does not have sufficient funds or other assets to enable the declaration and payment of an equivalent dividend on the BEPC exchangeable shares. BEP pursues a strategy which the Brookfield Renewable group expects will provide for highly stable, predictable cash flows sourced from predominantly hydroelectric, wind and solar assets ensuring a sustainable distribution yield. The Brookfield Renewable group’s objective is to pay a distribution that is sustainable on a long-term basis and has set its target payout ratio at approximately 70% of Brookfield Renewable’s FFO.

Participants in BEP’s distribution reinvestment plan will automatically receive the special distribution of BEPC exchangeable shares on the same basis as other unitholders of BEP, provided they continue to own such BEP units on the distribution record date. However, participants should be aware that BEPC does not currently

anticipate establishing a similar dividend reinvestment plan for BEPC, and future dividends paid on BEPC exchangeable shares will be paid in cash and not reinvested.

BEPC Capital Structure (See Page 243)

Each BEPC exchangeable share will be structured with the intention of providing an economic return equivalent to one BEP unit (subject to adjustment to reflect certain capital events), including identical dividends on a per share basis as are paid on each BEP unit, and will be exchangeable at the option of the holder for one BEP unit (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of BEPC), as more fully described in this document. BEP may elect to satisfy its exchange obligation by acquiring such tendered BEPC exchangeable shares for an equivalent number of BEP units (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of the Brookfield Renewable group). See “Description of BEPC Share Capital—BEPC Exchangeable Shares—Exchange by Holder—Adjustments to Reflect Certain Capital Events”. BEPC and BEP currently intend to satisfy any exchange requests on the BEPC exchangeable shares through the delivery of BEP units rather than cash. BEP therefore expects that the market price of BEPC exchangeable shares will be significantly impacted by the market price of the BEP units and the combined business performance of the Brookfield Renewable group as a whole. However, there are certain material differences between the rights of holders of BEPC exchangeable shares and holders of the BEP units under the governing documents of BEPC and BEP and applicable law, such as the right of holders of BEPC exchangeable shares to request an exchange of their BEPC exchangeable shares for an equivalent number of BEP units or its cash equivalent (the form of payment to be determined at the election of the Brookfield Renewable group) and the redemption right of BEPC. These material differences are described in the section entitled “Comparison of Rights of Holders of BEPC Exchangeable Shares, BEP Units and TERP Common Stock”. In making an investment decision relating to BEP’s securities, you should also carefully consult the documents prepared by BEP and described in the section of this document entitled “Brookfield Renewable Partners L.P.—Information Regarding the BEP Units”.

Further, the BEPC exchangeable shares will be held by public shareholders and Brookfield, and the BEPC class B shares and BEPC class C shares will be held by Brookfield Renewable. Dividends on each BEPC exchangeable share are expected to be declared and paid at the same time and in the same amount per share as distributions on each BEP unit. Brookfield Renewable’s ownership of BEPC class C shares will entitle it to receive dividends as and when declared by the BEPC board. The holders of the BEPC exchangeable shares will be entitled to one vote for each BEPC exchangeable share held at all meetings of BEPC’s shareholders, except for meetings at which only holders of another specified class or series of shares of BEPC are entitled to vote separately as a class or series. The holders of the BEPC class B shares will be entitled to cast, in the aggregate, a number of votes equal to three times the number of votes attached to the BEPC exchangeable shares. Except as otherwise expressly provided in the BEPC articles or as required by law, the holders of BEPC exchangeable shares and BEPC class B shares will vote together and not as separate classes. Holders of BEPC class C shares will have no voting rights. See “Description of BEPC Share Capital”.

BEPC expects to commence paying dividends on the BEPC exchangeable shares on the first distribution payment date for the BEP units occurring after the distribution date for the special distribution.

Comparison of Rights of Holders of BEPC Exchangeable Shares, BEP Units and TERP Common Stock (See Page 400)

TerraForm Power is organized as a Delaware corporation, whereas BEP is organized as an exempted limited partnership under the laws of Bermuda and BEPC is a corporation existing under British Columbia law. There are also differences between the organizational documents of BEP, BEPC and TerraForm Power. Therefore, recipients of BEP units or BEPC exchangeable shares following the TERP acquisition will have different rights

and obligations, including voting rights, from those that they had prior to the TERP acquisition as holders of TERP common stock. See “Comparison of Rights of Holders of BEPC Exchangeable Shares, BEP Units and TERP Common Stock”.

Rights Agreement (See Page 366)

Prior to the distribution date, Wilmington Trust, National Association, or the rights agent, and BAM will enter into a rights agreement, which we refer to as the Rights Agreement, pursuant to which BAM has agreed that, until the seventh anniversary of the distribution date (and as automatically renewed for successive periods of two years, unless BAM provides the rights agent with written notice of termination in accordance with the terms of the Rights Agreement) in the event that, on the applicable specified exchange date with respect to any BEPC exchangeable shares submitted for exchange, (i) BEPC has not satisfied its obligation under BEPC articles by delivering the BEP unit amount or its cash equivalent amount and (ii) Brookfield Renewable has not, upon its election in its sole and absolute discretion, acquired such exchanged BEPC exchangeable shares from the holder thereof and delivered the BEP unit amount, BAM will satisfy, or cause to be satisfied, the obligations pursuant to the BEPC articles to exchange such subject BEPC exchangeable shares for the BEP unit amount or its cash equivalent. The holders of BEPC exchangeable shares have a right to receive the BEP unit amount or its cash equivalent in such circumstances, which we refer to as the secondary exchange rights. BAM currently intends to satisfy any exchange requests on the BEPC exchangeable shares through the delivery of BEP units. After the expiry of the Rights Agreement, holders of BEPC exchangeable shares will continue to have all of the rights provided for in the BEPC articles but will no longer be entitled to rely on the secondary exchange rights.

SUMMARY HISTORICAL FINANCIAL DATA OF TERRAFORM POWER

The following tables present summary consolidated financial data of TerraForm Power prepared in accordance with US GAAP. The summary consolidated statement of operations data for the years ended December 31, 2019, 2018 and 2017 and the summary consolidated balance sheet data as of December 31, 2019 and 2018 are derived from the audited consolidated financial statements of TerraForm Power incorporated herein by reference. The summary consolidated statement of operations data for the years ended December 31, 2016 and 2015 and the summary consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from the audited consolidated financial statements of TerraForm Power not included or incorporated herein by reference. The unaudited summary historical consolidated financial data as of and for the three months ended March 31, 2020 and for the three months ended March 31, 2019 are derived from the unaudited consolidated financial statements of TerraForm Power incorporated herein by reference. The information set forth below is only a summary and is not necessarily indicative of the results of future operations of TerraForm Power, BEP or BEPC, and you should read the following information together with TerraForm Power’s audited consolidated financial statements, TerraForm Power’s unaudited consolidated financial statements, the related notes and the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in TerraForm Power’s Quarterly Report on Form 10-Q for the quarter ended ended March 31, 2020, and its Annual Report on Form 10-K for the year ended December 31, 2019, which are incorporated by reference into this proxy statement/prospectus. For more information, see the section entitled “Where You Can Find More Information”.

SUMMARY HISTORICAL FINANCIAL DATA OF THE UNITED STATES, BRAZILIAN AND COLOMBIAN OPERATIONS OF BEP (See Page 284)

The following tables present selected financial data for the operations of the United States, Brazilian and Colombian Operations of BEP and are derived from, and should be read in conjunction with, the unaudited combined carve-out financial statements of the United States, Brazilian and Colombian operations of BEP as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and March 31, 2019 and the audited combined carve-out financial statements of the United States, Brazilian and Colombian operations of BEP as of December 31, 2019 and December 31, 2018 and for each of the years in the three years ended December 31, 2019 and the notes thereto, which are included elsewhere in this document. The information included in this section should also be read in conjunction with BEPC’s and BEP’s Unaudited Pro Forma Financial Statements as of and for the three months ended March 31, 2020 and for each of the years in the three years ended December 31, 2019 included elsewhere in this document. Presentation of selected financial information as of December 31, 2017, December 31, 2016 and December 31, 2015 and for the fiscal periods ended December 31, 2016 and December 31, 2015 could not be provided without unreasonable effort or expense.