Brookfield Renewable to Begin Normal Course Issuer Bid

Brookfield Renewable (TSX:BEP.UN) a renewable energy company focused on wind, solar and hydroelectric power announced that it will begin a new share repurchase program. On July 9, the company will undergo a normal course issuer bid, where the company will purchase up to 10 percent of its preferred shares and preferred units.

As quoted in the press release:

Repurchases under each normal course issuer bid are authorized to commence on July 9, 2019 and each normal course issuer bid will terminate on July 8, 2020, or earlier should Brookfield Renewable or BRP Equity, as applicable, complete its repurchases under its respective normal course issuer bid prior to such date.

Under BRP Equity’s prior normal course issuer bid that commenced on June 27, 2018 and expired on June 26, 2019, BRP Equity previously sought and received approval from the TSX to repurchase up to 544,887 Series 1 Preferred Shares, 451,038 Series 2 Preferred Shares, 996,139 Series 3 Preferred Shares, 411,450 Series 5 Preferred Shares and 700,000 Series 6 Preferred Shares. BRP Equity has not repurchased any Preferred Shares in the past 12 months.

Click here to read the full press release.