Brookfield Renewable announces the renewal of normal course issuer bids for units and exchangeable shares

Brookfield Renewable announced that the Toronto Stock Exchange (the “TSX”) had accepted notices filed by Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) of its intention to renew its normal course issuer bid for its limited partnership units and by Brookfield Renewable Corporation (TSX: BEPC; NYSE: BEPC) of its intention to renew its normal course issuer bid for its outstanding class A exchangeable subordinate voting shares. Brookfield Renewable believes that if Units or Exchangeable Shares trade in a price range that does not fully reflect their intrinsic value, the acquisition of Units or Exchangeable Shares, as applicable, may represent an attractive use of available funds.

Brookfield Renewable is authorized to repurchase up to 13,750,520 Units and 8,610,184 Exchangeable Shares, representing 5% of its issued and outstanding Units and Exchangeable Shares, respectively. At the close of business on December 2, 2021, 275,010,405 Units and 172,203,692 Exchangeable Shares were issued and outstanding. Under Brookfield Renewable’s normal course issuer bids, it may repurchase up to 44,591 Units and 54,448 Exchangeable Shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 178,365 Units and 217,793 Exchangeable Shares, respectively, for the six months ended November 30, 2021.

Under each normal course issuer bid, repurchases are authorized to commence on December 16, 2021. Each normal course issuer bid will terminate on December 15, 2022, or earlier should either BEP or BEPC complete its repurchases before such date.

Under BEP’s prior normal course issuer bid that commenced on December 16, 2020, and expires on December 15, 2021, BEP previously sought and received approval from the TSX to repurchase up to 13,740,072 Units (on a post-stock split basis). BEP has not repurchased any Units under its existing normal course issuer bid in the past 12 months.

Under BEPC’s prior normal course issuer bid that commenced on December 16, 2020, and expires on December 15, 2021, BEPC previously sought and received approval from the TSX to repurchase up to 8,609,220 Exchangeable Shares (on a post-stock split basis). BEPC has not repurchased any Exchangeable Shares under its existing 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 alternative trading systems, if eligible, and all Units and Exchangeable Shares acquired under the applicable normal course issuer bid will be canceled. 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 an automatic purchase plan with its broker to allow for the repurchase of Units or Exchangeable Shares, as applicable, subject to certain trading parameters, 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 or otherwise. Any such plans entered into with the broker of Brookfield Renewable 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. Outside of these periods, Units and Exchangeable Shares will be repurchased in accordance with management’s discretion and in compliance with applicable law.