Brookfield Renewable Partners L.P. (TSX:BEP.UN) (NYSE:BEP)
(“
Brookfield Renewable”) today announced that the
Toronto Stock Exchange (the “
TSX”) accepted a
notice filed by Brookfield Renewable of its intention to renew its
normal course issuer bid. Brookfield Renewable believes that in the
event that its limited partnership units (“
Units”)
trade in a price range that does not fully reflect their intrinsic
value, the acquisition of Units may represent an attractive use of
available funds.
Brookfield Renewable is authorized to repurchase
up to 9,000,000 Units, representing approximately 5% of its issued
and outstanding Units. At the close of business on December 21,
2017, there were 180,315,877 Units issued and outstanding. Under
the normal course issuer bid, Brookfield Renewable may purchase up
to 35,990 Units on the TSX during any trading day, which represents
25% of the average daily trading volume of 143,962 Units on the TSX
for the six months ended November 30, 2017, calculated in
accordance with the rules of the TSX. Repurchases are authorized to
commence on December 29, 2017 and will terminate on December 28,
2018, or earlier should Brookfield Renewable complete its
repurchases prior to such date.
Under its prior normal course issuer bid that
commenced on December 29, 2016 and expires on December 28, 2017,
Brookfield Renewable previously sought and received approval from
the TSX to purchase up to 8,300,000 Units. Brookfield Renewable has
not purchased any Units under its prior normal course issuer bid in
the past 12 months.
All purchases will be made through the
facilities of the TSX, the New York Stock Exchange and/or Canadian
and U.S. alternative trading systems, if eligible, and all Units
acquired under the normal course issuer bid will be cancelled.
Repurchases will be subject to compliance with applicable United
States federal securities laws, including Rule 10b-18 under the
United States Securities Exchange Act of 1934, as amended, as well
as applicable Canadian securities laws.
From time to time, when Brookfield Renewable
does not possess material non-public information about itself or
its securities, it may enter into automatic purchase plans with its
broker to allow for the purchase of Units at times when Brookfield
Renewable ordinarily would not be active in the market due to its
own internal trading blackout periods and insider trading rules.
Any such plans entered into with Brookfield Renewable’s broker will
be adopted in accordance with applicable Canadian and U.S.
securities laws including the requirements of Rule 10b5-1 under the
United States Securities Exchange Act of 1934, as amended.
Brookfield Renewable Partners
Brookfield Renewable Partners operates one of
the world’s largest publicly traded, pure-play renewable power
platforms. Our portfolio consists of hydroelectric, wind, solar and
storage facilities in North America, Colombia, Brazil, and Europe
and totals over 15,000 megawatts of installed capacity. Brookfield
Renewable is listed on the New York and Toronto stock exchanges.
Further information is available at https://bep.brookfield.com.
Important information may be disseminated exclusively via the
website; investors should consult the site to access this
information.
Brookfield Renewable is the flagship listed
renewable power company of Brookfield Asset Management, a leading
global alternative asset manager with more than $265 billion of
assets under management.
Please note that Brookfield Renewable’s previous
audited annual and unaudited quarterly reports have been filed on
SEDAR and EDGAR and can also be found in the shareholders section
of our website at https://bep.brookfield.com. Hard copies of the
annual and quarterly reports can be obtained free of charge upon
request.
For more information, please contact:
Media:Claire Holland(416)
369-8236claire.holland@brookfield.com
Investors:Divya Biyani(416)
369-2616divya.biyani@brookfieldrenewable.com
Cautionary Statement Regarding Forward-looking
Statements
This news release contains forward-looking
statements and information within the meaning of Canadian
provincial securities laws and “forward-looking statements” within
the meaning of Section 27A of the U.S. Securities Act of 1933, as
amended, Section 21E of the U.S. Securities Exchange Act of 1934,
as amended, “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995 and in any applicable
Canadian securities regulations. The words “will”, “should”,
“could”, “potential”, “tend to”, “target” “future”, “growth”,
“expect”, “believe”, “goal”, “plan”, derivatives thereof and other
expressions which are predictions of or indicate future events,
trends or prospects and which do not relate to historical matters
identify the above mentioned and other forward-looking statements.
Forward-looking statements in this news release include statements
regarding the quality of Brookfield Renewable’s business, the
expectation for future cash flows and the potential for future Unit
purchases and repurchases. Although Brookfield Renewable believes
that these forward-looking statements and information are based
upon reasonable assumptions and expectations, you should not place
undue reliance on them, or any other forward looking statements or
information in this news release. The future performance and
prospects of Brookfield Renewable are subject to a number of known
and unknown risks and uncertainties. Factors that could cause
actual results of Brookfield Renewable to differ materially from
those contemplated or implied by the statements in this news
release include economic conditions in the jurisdictions in which
we operate; our ability to sell products and services under
contract or into merchant energy markets; weather conditions and
other factors which may impact generation levels at our facilities;
changes to government regulations, including incentives for
renewable energy; our ability to grow within our current markets or
expand into new markets; our ability to complete development and
capital projects on time and on budget; our inability to finance
our operations or fund future acquisitions due to the status of the
capital markets; the ability to effectively source, complete and
integrate new acquisitions and to realize the benefits of such
acquisitions; health, safety, security or environmental incidents;
regulatory risks relating to the power markets in which we operate,
including relating to the regulation of our assets, licensing and
litigation; risks relating to our internal control environment; our
lack of control over all of our operations; contract counterparties
not fulfilling their obligations; and other risks associated with
the construction, development and operation of power generating
facilities.
We caution that the foregoing list of important
factors that may affect future results is not exhaustive. The
forward-looking statements represent our views as of the date of
this news release and should not be relied upon as representing our
views as of any subsequent date. While we anticipate that
subsequent events and developments may cause our views to change,
we disclaim any obligation to update the forward-looking
statements, other than as required by applicable law. For further
information on these known and unknown risks, please see “Risk
Factors” included in our Form 20-F.
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