SYDNEY - In a recent turn of events, Origin Energy's shareholders have voted against the Scheme of Arrangement with Brookfield Asset Management (TSX:BAM) and its affiliate, Brookfield Renewable Partners (NYSE:BEP). Despite requiring a 75% approval rate to proceed with the transaction, only 69% of shareholders voted in favor, causing the deal to stumble.
The shareholder decision comes amidst adjustments in Australian government policies related to energy and investment schemes which have prompted Brookfield to reconsider its strategy towards Origin Energy. Even with this setback, Connor Teskey, CEO of Brookfield Renewable, has reaffirmed the company's commitment to investing between $7 billion and $8 billion over the next five years to foster growth in renewable energy.
Brookfield Renewable operates on a global scale, managing a portfolio of renewable assets. These operations are structured through both a Bermuda-based limited partnership and a Canadian corporation.
As part of Brookfield Asset Management's larger portfolio, which encompasses $850 billion in managed assets, the company consistently outlines the risk factors and investment strategies pertinent to its renewable ventures in regulatory filings.
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