Brookfield Renewable Kwagis Holding Inc.: Rating Report

On July 15, 2021, DBRS Limited (DBRS Morningstar) confirmed its ratings of BBB (high) with Negative trends on Brookfield Renewable Kwagis Holding Inc.’s (the Issuer) Issuer Rating and Series I Senior Secured Bonds (the Bonds). The Bonds are guaranteed by the Issuer’s project subsidiary, Kwagis Power Limited Partnership (the Project LP), and are secured by all the assets of the 45-megawatt run-of-river hydroelectric power-generating facility in British Columbia (the Project). The $175 million Bonds start amortizing in 2024 and fully amortize in 2053 at the end of the Electricity Purchase Agreement (EPA) between the Project LP and British Columbia Hydro and Power Authority (BC Hydro; rated AA (high) with a Stable trend by DBRS Morningstar).