BAM Brookfield Asset Management Ltd

TerraForm Power, a leading developer, builder, and operator of renewable power, announced today that it has named Mark Noyes as Chief Executive Officer and President to further the company’s strategy across existing and new opportunities for growth.

Mr. Noyes brings with him over 30 years of experience in the energy sector and joins TerraForm Power from RWE Clean Energy’s leadership team where he was the Chief Executive Officer. Under his leadership, RWE Clean Energy grew significantly through both development and acquisition, ending 2023 with 10,000 megawatts of operating assets and a 30,000-megawatt pipeline. Prior to his role at RWE Clean Energy, Mr. Noyes was the CEO of another large renewable energy company where he was instrumental in the startup and growth of the company’s development platform and operating business, and in expanding the business into new markets and technologies. Before it was ultimately acquired, the business grew to 4,000 megawatts of operating assets and a 10,000-megawatt pipeline, generating significant value for shareholders.

Mitch Davidson, Brookfield Managing Partner, Renewable Power & Transition, said, “We are pleased to welcome Mark to TerraForm Power. He is a proven leader with over thirty years of experience in the energy industry and we look forward to the wealth of knowledge he will bring to TerraForm Power as it continues to expand its renewables footprint.”

Mark Noyes, CEO of TerraForm Power, said, “It is an exciting time to join TerraForm Power, backed by Brookfield’s world class renewable and transition business. I look forward to continuing to develop TerraForm Power’s strategy, to scale the business in-line with the terrific opportunities available in the U.S. market, and to work with TerraForm Power’s leadership and world class, highly dedicated team.”

About TerraForm Power Operating, LLC

TerraForm Power is a leading renewable energy developer, builder, and operator with a 4,100-megawatt portfolio of contracted solar and wind assets located primarily in North America and Western Europe. The company’s scale portfolio of high-quality, diversified assets generates significant organic cash flow, and supports repowering, co-location and hybridization opportunities within its broad existing footprint, as well as greenfield development. TerraForm Power has a high quality, approximately 3,000-megawatt pipeline of renewable energy development projects in its core markets, where the platform has strong development and operating capabilities. The company is a controlled affiliate of Brookfield. For more information, please visit: www.terraformpower.com.

About Brookfield Asset Management

Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $1 trillion of assets under management. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer 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 (NYSE: BEP, TSX: BEP-UN), one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed generation and storage facilities in North America, South America, Europe and Asia. Our operating capacity totals over 35,000 megawatts and our development pipeline stands at approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes our 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.

Contact for Investors/Media:

Alex JacksonTerraForm Power Operating, LLCenquiries@brookfieldrenewable.com