Brookfield Renewable Buyback
OLI recorded this information on 12/14/2021
Share Amount Authorized:
Brookfield Renewable today announced that the Toronto Stock Exchange (the "TSX") has accepted notices filed by Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE:BEP,,strong) ("BEP") of its intention to renew its normal course issuer bid for its limited partnership units ("Units") and by Brookfield Renewable Corporation (TSX: BEPC; NYSE:BEPC,,strong) ("BEPC" and together with BEP, "Brookfield Renewable") of its intention to renew its normal course issuer bid for its outstanding class A exchangeable subordinate voting shares ("Exchangeable Shares"). Brookfield Renewable believes that in the event that 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, there were 275,010,405 Units and 172,203,692 Exchangeable Shares 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.
Brookfield Renewable is a holding company. Through its subsidiaries, Co. owns and operates a portfolio of renewable energy power generating facilities primarily in North America, Europe, Colombia and Brazil. Co.'s operations consist of installed hydroelectric, wind, solar, storage and ancillary capacity across Brazil, Colombia, the U.S. and Europe. Co. also owns solar assets which are under development in Brazil. Co.'s operations are segmented by: hydroelectric; wind; solar; and energy transition (distributed generation, pumped storage, cogeneration and biomass).
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Strong Buy (4.00 out of 4)