Brookfield Renewable Partners LP on Dec. 22 said the Toronto Stock Exchange accepted a notice of intention to renew the partnership's normal course issuer bid.
The partnership may repurchase 9,000,000 units, or about 5% of its issued and outstanding units, starting Dec. 29, 2017, until Dec. 28, 2018. Under the normal course issuer bid, Brookfield Renewable may purchase up to 35,990 units on the TSX during any trading day, representing 25% of the average daily volume of 143,962 units on the TSX for the six months ended Nov. 30.
Under the previous bid, which started Dec. 29, 2016, and is set to expire Dec. 28, 2017, Brookfield Renewable was authorized to purchase up to 8,300,000 units. The partnership has not purchased any units under its prior bid.
All purchases will be made through the facilities of the TSX, the NYSE and/or Canadian and U.S. alternative trading systems, if eligible. All units acquired under the normal course issuer bid will be canceled.