BROOKFIELD RENEWABLE PARTNERS L.P. THIRD AMENDMENT TO THE FIFTH AMENDED AND RESTATED MASTER SERVICES AGREEMENT

Exhibit 99.1

BROOKFIELD RENEWABLE PARTNERS L.P.

THIRD AMENDMENT TO THE

FIFTH AMENDED AND RESTATED MASTER SERVICES AGREEMENT

THIS AMENDMENT (this “Amendment”) to the Fifth Amended and Restated Master Services Agreement dated as of May 5, 2023, as amended, among Brookfield Corporation, Brookfield Renewable Partners L.P. (“BEP”) and the other parties thereto (the “Agreement”) is made as of December 24, 2024 by the undersigned. Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

WHEREAS, on the date hereof Brookfield Renewable Holdings Corporation (previously, Brookfield Renewable Corporation) (“BEPC Holdings”) has completed a plan of arrangement (the “Arrangement”) pursuant to which, amongst other things, (i) public holders of class A exchangeable subordinate voting shares (the “Old Exchangeable Shares”) of BEPC Holdings received one (1) class A exchangeable subordinate voting share (each, a “Exchangeable Share”) of Brookfield Renewable Corporation (previously, 1505127 B.C. Ltd.) (“New BEPC”) in exchange for each Old Exchangeable Share held and (ii) all of the issued and outstanding Old Exchangeable Shares were transferred by New BEPC to BEPC Holdings in exchange for class A.1 exchangeable subordinate voting shares of BEPC Holdings and cancelled;

AND WHEREAS, the Exchangeable Shares are structured with the intention of providing holders with an economic return equivalent to the limited partnership units of BEP (“BEP Units”), including identical distributions, and are exchangeable for BEP Units on a one-for-one basis (subject to adjustment) (or for the cash equivalent, at the election of New BEPC) in accordance with the terms of the Exchangeable Shares;

AND WHEREAS, the parties desire to amend the Agreement in connection with the Arrangement to reflect the addition of New BEPC as a Service Recipient and make certain other amendments to the terms and conditions of the Agreement as set out herein;

NOW THEREFORE,

Section 1.1 is hereby amended by adding the following definitions:

1.1.27.1 “Class A.2 Shares” means class A.2 exchangeable non-voting shares of BEPC Holdings;

1.1.57.1 “New BEPC” means Brookfield Renewable Corporation (previously, 1505127 B.C. Ltd.);

Section 1.1.16 is hereby deleted in its entirety and replaced with the following:

1.1.16 “BEPC Holdings” means Brookfield Renewable Holdings Corporation (previously, Brookfield Renewable Corporation);

Section 1.1.34 is hereby deleted in its entirety and replaced with the following:

1.1.34 “Exchangeable Shares” means class A exchangeable subordinate voting shares in the capital of New BEPC;

Section 1.1.81 is hereby deleted in its entirety and replaced with the following:

1.1.81 “Total Capitalization Value” means, in any Quarter, the sum of (i) the Fair Market Value of a Unit multiplied by the number of Units issued and outstanding on the last trading day of the Quarter (assuming full conversion of any limited partnership interests held by any member of the Brookfield Group in BRELP into Units), plus (ii) for each class or series of Security (and ensuring no double counting) the Fair Market Value of a Security of such class or series multiplied by the number of Securities of such class or series issued and outstanding on the last trading day of the Quarter (calculated on a fully-diluted basis and, for the avoidance of doubt, assuming full conversion of any Class A.2 Shares into Exchangeable Shares), plus (iii) the principal amount of all debt not captured by paragraph (ii) of this Section 1.1.81 owed by each Service Recipient (excluding for this purpose any Operating Entity) on the last trading day of the Quarter to any Person that is not a member of the BEP Group, which debt has recourse to any Service Recipient, less any amount of cash held by all Service Recipients (excluding for this purpose any Operating Entity) on such day;

Article 7.5.3 is hereby deleted in its entirety and replaced with the following:

7.5.3 BEP will reimburse Brookfield for any and all amounts actually paid to the rights agent (i) pursuant to the Rights Agreement between Brookfield and Wilmington Trust, National Association, dated as of December 24, 2024 (the “Rights Agreement”), including, but not limited to, in respect of services rendered, out-of-pocket expenses, counsel fees and other disbursements incurred in the administration and execution of the Rights Agreement and the exercise and performance of the rights agent’s duties thereunder, and (ii) in respect of any indemnification provided to the rights agent pursuant to the Rights Agreement.

Section 8.2 is hereby deleted in its entirety and replaced with the following:

8.2 Prior to the issuance by New BEPC of any Exchangeable Shares, New BEPC shall obtain the written consent of Brookfield, which consent shall be provided or withheld in Brookfield’s sole discretion, provided that Brookfield shall deliver its written decision on whether or not to provide such consent within 10 Business Days of receiving a written request from New BEPC, in respect of such issuance. Brookfield shall be entitled to such consent right for as long as Brookfield is a party to the Rights Agreement and the Rights Agreement remains in full force and effect.

This Amendment shall be effective upon the date first written above.

This Amendment shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

[Signature Page – BEPC Amendment to the Master Service Agreement]

[Signature Page – BEPC Amendment to the Master Service Agreement]

[Signature Page – BEPC Amendment to the Master Service Agreement]

[Signature Page – BEPC Amendment to the Master Service Agreement]

[Signature Page – BEPC Amendment to the Master Service Agreement]