Mr. Emmanuel Jaclot of CDPQ reports

CDPQ ACQUIRES 25% OF UK'S FIRST HYDRO COMPANY FROM BROOKFIELD

CDPQ, a global investment group, has entered into an agreement with Brookfield Asset Management Ltd. and its institutional partners, including its listed affiliate Brookfield Renewable (Brookfield Renewable Partners LP and Brookfield Renewable Corp.), to acquire their 25-per-cent stake in First Hydro Company, a critical electricity generation and storage facility in the United Kingdom. Engie is the majority shareholder that owns the remaining 75 per cent of the company.

Responsible for the management and operation of two power plants at Dinorwig and Ffestiniog in the Snowdonia region of Wales, First Hydro offers a capacity of more than 2,000 megawatts, representing 76 per cent of the total pumped hydro storage in the United Kingdom, making it a critical infrastructure to face the country's increasing needs of grid flexibility and stability.

"First Hydro is playing a critical role in helping the United Kingdom manage its national electricity system and meet its net-zero commitment by providing renewable electricity and storage capabilities," said Emmanuel Jaclot, CDPQ's executive vice-president and head of infrastructure. "This investment marks CDPQ's first foray into pumped hydro storage, and we are delighted to join forces with Engie, a long-standing partner for CDPQ and a world leader in the energy sector."

"We are pleased to have supported First Hydro throughout our ownership period, including securing its long-term future through active management of the business. First Hydro will continue to provide considerable renewable power to the U.K. long into the future," said Ignacio Gomez-Acebo, managing director at Brookfield.

Financial close is expected by end of 2024, subject to customary closing conditions and relevant consents and approval.

About Brookfield Asset Management Ltd.

Brookfield Asset Management is a leading global alternative asset manager with approximately $1-trillion of assets under management. The company invests client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. The company offers 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, one of the world's largest publicly traded platforms for renewable power and sustainable solutions. Its renewable power portfolio totals over 34,000 megawatts and its development pipeline stands at approximately 200,000 megawatts. Brookfield Renewable Partners' portfolio of sustainable solutions assets includes its investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas, and materials recycling.