Brookfield to evaluate next steps with respect to Origin Energy

Brookfield Asset Management (BAM), together with its listed affiliate Brookfield Renewable Partners (BEP), acknowledges the announcement today by Origin Energy (OGFGF) of the result of Origin’s shareholder vote in respect of the previously announced Scheme of Arrangement with Brookfield, its institutional investors, and EIG. Origin’s shareholders voted 69% in favor of the transaction, which was short of the required 75% approval level required. In light of the result of the vote, Brookfield will evaluate its next steps, if any, with respect to Origin, given the strong level of Origin shareholder support for its proposal and taking into account the potential impact to Origin of the Australian Government’s recently announced proposed expansion to its Capacity Investment Scheme and National Energy Transformation Partnership. “We are seeing plentiful opportunities to deploy capital at or above our target returns, as demand for clean power from corporations continues to accelerate and access to capital is becoming increasingly scarce for some market participants. We remain confident that we will deploy at least $7 to $8 billion of equity capital into growth over the next five years, consistent with our targets,” said Connor Teskey, CEO Brookfield Renewable. “Specifically, our plan to accelerate the transition of Origin has generated significant interest from similar businesses around the world, who are seeking a capital and operating partner to enhance the value of their businesses by accelerating their transition.”