Brookfield Renewable Announces Renewal of Normal Course Issuer Bids

Rhea-AI Summary

Brookfield Renewable (BEP / BEPC) announced renewals of normal course issuer bids for its LP Units, Preferred Units, Exchangeable Shares and a wholly owned subsidiary's Preferred Shares. Repurchases may begin on Dec 18, 2025 and run until Dec 17, 2026. Key limits include up to 15,296,104 LP Units (5% of LP Units), up to 7,244,255 Exchangeable Shares (5%), and approximately 10% of the public float for each named preferred series.

The filing specifies daily caps (e.g., up to 69,640 LP Units per trading day) and lists series-level issued, public float, average daily volumes, and maximum repurchase counts. Previously, BEP repurchased 1,522,975 LP Units at a weighted average of CDN$31.9363 under its 2024–2025 program; BEPC made no repurchases. Purchases will be through TSX/NYSE/ATS, shares acquired will be cancelled, and automatic purchase plans are planned the week of Dec 22, 2025.

Positive

• Authorized repurchase of 15,296,104 LP Units (5% of LP Units)
• Authorized repurchase of 7,244,255 Exchangeable Shares (5% of shares)
• Authorized ~10% public float repurchases for each preferred series
• Prior repurchases: 1,522,975 LP Units at CDN$31.9363 weighted average

Negative

• Daily repurchase caps limit buys to 69,640 LP Units per trading day
• BRP Equity and BEP did not repurchase any preferred shares under 2024–2025 bids

Key Figures

LP unit buyback limit 15,296,104 LP Units Maximum BEP LP Units under renewed normal course issuer bid (5% of units)

LP Units outstanding 305,922,080 units BEP LP Units issued and outstanding as of Dec 4, 2025

Daily LP repurchase cap 69,640 LP Units Daily limit on TSX, 25% of 278,560 average daily volume

Exchangeable Shares buyback 7,244,255 shares Maximum BEPC Exchangeable Shares (5% of outstanding) under bid

Exchangeable Shares outstanding 144,885,110 shares BEPC Exchangeable Shares issued and outstanding as of Dec 4, 2025

LP Units repurchased 1,522,975 LP Units Bought under prior bid at ~CDN$31.9363 average price

Preferred Units max repurchase 700,000 / 1,000,000 / 600,000 units Series 7, 13, and 18 Preferred Units maximums (≈10% public float each)

Bid duration Dec 18, 2025 – Dec 17, 2026 Authorized term for renewed normal course issuer bids

Market Reality Check

$27.66 Last Close

Volume Volume 499,668 is 0.49x the 20-day average of 1,022,799, indicating subdued trading ahead of the announcement. low

Technical Shares trade above the 200-day MA, with price at $27.66 versus the MA of $25.51, suggesting a recovered longer-term trend despite being 15.46% below the 52-week high.

Peers on Argus

BEP was down 0.57% while key renewable peers were mixed: CEG (+0.14%), CMS (+0.71%) versus BEPC (-0.64%), ENLT (-0.63%), and RNW (-0.90%). The move appeared more stock-specific than a unified sector swing.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 05	Q3 2025 earnings	Positive	-2.9%	Higher FFO, expanded nuclear partnership, and strong liquidity highlighted.
Oct 03	Earnings call notice	Neutral	+0.1%	Announcement of Q3 2025 results release timing and conference call.
Aug 01	Q2 2025 earnings	Positive	-6.2%	Record FFO, major Google hydro deal, large financings and new investments.
Jul 18	Hydro stake increase	Positive	+0.5%	Up to $1B commitment to raise Isagen stake with expected FFO accretion.
Jun 30	Earnings call notice	Neutral	-0.3%	Scheduling of Q2 2025 results release and investor call/webcast.

Pattern Detected

Recent earnings releases with broadly positive fundamentals often coincided with negative next-day moves, while strategic asset or stake increases tended to align positively with price reaction.

Recent Company History

This announcement follows a series of growth- and capital-focused updates. Q2 and Q3 2025 results highlighted rising FFO, strong liquidity near $4.7 billion, large-scale financing activity, and major partnerships such as the planned $80 billion reactor investment and Google’s up to 3,000 MW hydro agreement. Strategically, Brookfield Renewable committed up to $1 billion to increase its Isagen stake, targeting about 38% ownership. Historically, the stock sometimes sold off after strong earnings, but reacted more in line with targeted strategic investments. Today’s renewal of issuer bids fits into that broader capital allocation and return framework.

Market Pulse Summary

This announcement detailed renewed normal course issuer bids across LP Units, Exchangeable Shares, and several preferred series, including capacity to repurchase up to 15,296,104 LP Units and 7,244,255 Exchangeable Shares. Management framed the programs as a flexible way to deploy funds when prices do not reflect perceived value. Recent history shows a mix of strong earnings and strategic investments, so investors may watch actual buyback execution, balance sheet flexibility, and future capital allocation updates to gauge impact.

Key Terms

normal course issuer bid financial

"intention to renew its normal course issuer bids for its limited partnership units"

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

public float financial

"authorized to repurchase a total of approximately 10% of the public float of each"

Public float is the total number of a company's shares that are available for trading by the general public. It excludes shares held by company insiders or large stakeholders who are unlikely to sell them easily. This figure helps investors understand how much of the company's stock is actively available, which can influence its liquidity and how easily its price might change.

average daily trading volume technical

"repurchase up to 69,640 LP Units on the TSX during any trading day, which represents 25% of the average daily trading volume"

The average daily trading volume is the typical number of shares or units of a security that change hands each trading day, calculated over a set period. It tells investors how active a market is—like average traffic on a road—so higher volume usually means easier, faster trades and smaller price swings when buying or selling, while low volume can make orders harder to fill and cause bigger price moves.

automatic share purchase plans financial

"intend to enter into automatic share purchase plans, which have been pre-cleared by the TSX"

A plan that automatically uses regular deposits—such as payroll deductions, dividend reinvestment, or scheduled bank transfers—to buy a company’s shares on a set timetable. Think of it like a subscription that purchases stock for you periodically: it smooths out the impact of market swings, encourages steady ownership, and can signal ongoing insider or employee buying; investors watch these plans for effects on demand, dilution, and long-term shareholder commitment.

limited partnership units financial

"renew its normal course issuer bids for its limited partnership units (“LP Units”)"

Limited partnership units are ownership shares in a partnership where most investors act as passive partners with liability limited to what they invested. They represent a right to a portion of the partnership's income and capital, while day-to-day control is handled by an active manager; think of it like owning a condo unit in a building run by a management company. Investors care because the units determine how much income they receive and how exposed they are to business risks.

preferred shares financial

"normal course issuer bid for its outstanding Class A preference shares (“Preferred Shares”)"

Preferred shares are a type of investment that gives investors priority over common shareholders when it comes to receiving dividends and getting their money back if a company is sold or liquidated. Think of them as a safer, more predictable way to earn income from a company's profits, similar to a fixed-return investment, but without voting rights. This makes preferred shares appealing to those seeking stable income with a higher claim on assets than regular stockholders.

alternative trading systems technical

"through the facilities of the TSX and/or the New York Stock Exchange and/or alternative trading systems"

Alternative trading systems are private, non-exchange platforms run by broker-dealers that match buyers and sellers of stocks and other securities, usually using electronic order matching. Think of them as a farmers’ market alternative to a big supermarket: they can offer different fees, faster or anonymous trading, and specialized order types. Investors care because these venues affect price, liquidity and the transparency of where and how their trades are executed.

trading blackout periods regulatory

"at times when BEP or BEPC, as applicable, ordinarily would not be active in the market due to its own internal trading blackout periods"

Times when company insiders and certain employees are legally or policy-bound to stop buying or selling the company’s stock, usually around sensitive windows such as before earnings, major announcements, or audits. These pauses act like a temporary “hands-off” rule to prevent trades based on information not yet available to the public, reducing the risk of unfair advantage and regulatory violations; investors watch them because they can limit share liquidity and signal forthcoming news.

AI-generated analysis. Not financial advice.

All amounts in US dollars unless otherwise indicated

BROOKFIELD, News, Dec. 15, 2025 (GLOBE NEWSWIRE) -- Brookfield Renewable today announced that the Toronto Stock Exchange (the “TSX”) has accepted notices filed by:

1. Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) (“BEP”) of its intention to renew its normal course issuer bids for its limited partnership units (“LP Units”) and Class A preferred limited partnership units (“Preferred Units”);
   
   
2. Brookfield Renewable Corporation (TSX: BEPC; NYSE: BEPC) (“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”); and
   
   
3. Brookfield Renewable Power Preferred Equity Inc. (“BRP Equity”) of its intention to renew its normal course issuer bid for its outstanding Class A preference shares (“Preferred Shares”). BRP Equity is a wholly-owned subsidiary of BEP.
   

Brookfield Renewable believes that the renewed normal course issuer bid will provide the flexibility to use available funds to purchase LP Units, Preferred Units, Exchangeable Shares or Preferred Shares, as applicable, should they be trading in price ranges that do not fully reflect their value, representing an attractive use of available funds. There are currently three series of Preferred Units and five series of Preferred Shares outstanding and listed on the TSX.

Under BEP’s normal course issuer bid for LP Units, BEP is authorized to repurchase up to 15,296,104 LP Units, representing 5% of its issued and outstanding LP Units. At the close of business on December 4, 2025, there were 305,922,080 LP Units issued and outstanding. Under BEP’s normal course issuer bid, it may repurchase up to 69,640 LP Units on the TSX during any trading day, which represents 25% of the average daily trading volume of 278,560 LP Units for the six months ended November 30, 2025.

Under BEPC’s normal course issuer bid for Exchangeable Shares, BEPC is authorized to repurchase up to 7,244,255 Exchangeable Shares, representing 5% of its issued and outstanding Exchangeable Shares. At the close of business on December 4, 2025, there were 144,885,110 Exchangeable Shares issued and outstanding. Under BEPC’s normal course issuer bid, it may repurchase up to 65,073 Exchangeable Shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 260,295 Exchangeable Shares for the six months ended November 30, 2025.

Under BEP’s normal course issuer bid for Preferred Units, BEP is authorized to repurchase a total of approximately 10% of the public float of each respective series of the Preferred Units as follows:

Series	Ticker	Issued and outstanding units1	Public float1	Average daily trading volume2	Maximum number of units subject to purchase3
					Total	Daily
7	BEP.PR.G	7,000,000	7,000,000	5,653	700,000	1,413
13	BEP.PR.M	10,000,000	10,000,000	3,600	1,000,000	1,000
18	BEP.PR.R	6,000,000	6,000,000	4,189	600,000	1,047

^1.   Calculated as at December 4, 2025.
^2.   For the 6 months ended November 30, 2025.
^3.   In accordance with TSX rules, any daily repurchases with respect to the Series 13 Preferred Units would be limited to 1,000 Series 13 Preferred Units.

Under BRP Equity’s normal course issuer bid for Preferred Shares, BRP Equity is authorized to repurchase a total of approximately 10% of the public float of each respective series of the Preferred Shares as follows:

Series	Ticker	Issued and outstanding shares4	Public float4	Average daily trading volume5	Maximum number of shares subject to purchase6
					Total	Daily
1	BRF.PR.A	8,372,310	8,372,310	9,983	837,231	2,495
2	BRF.PR.B	1,587,754	1,587,754	3,937	158,775	1,000
3	BRF.PR.C	9,961,399	9,961,399	6,700	996,139	1,675
5	BRF.PR.E	7,000,000	4,114,504	1,030	411,450	1,000
6	BRF.PR.F	7,000,000	7,000,000	2,592	700,000	1,000

^4.   Calculated as at December 4, 2025.
^5.   For the 6 months ended November 30, 2025.
^6.   In accordance with TSX rules, any daily repurchases with respect to the Series 2 Preferred Shares, the Series 5 Preferred Shares and the Series 6 Preferred Shares would be limited to 1,000 Preferred Shares of such series.

Repurchases under each normal course issuer bid are authorized to commence on December 18, 2025 and each normal course issuer bid will terminate on December 17, 2026, or earlier should Brookfield Renewable or BRP Equity, as applicable, complete repurchases under its respective normal course issuer bids prior to such date.

Under BEP’s prior normal course issuer bid for LP Units that commenced on December 18, 2024 and expires on December 17, 2025, BEP previously sought and received approval from the TSX to repurchase up to 14,255,578 LP Units. As of December 4, 2025, BEP has repurchased 1,522,975 LP Units under its current normal course issuer bid through open market transactions on the TSX and alternative trading systems at a weighted average price per LP Unit of approximately CDN$31.9363.

Under BEPC’s prior normal course issuer bid that commenced on December 18, 2024 and expires on December 17, 2025, BEPC previously sought and received approval from the TSX to repurchase up to 8,982,042 Exchangeable Shares. BEPC has not repurchased any Exchangeable Shares under its existing normal course issuer bid in the past 12 months.

Under BEP’s prior normal course issuer bid for Preferred Units that commenced on December 18, 2024 and expires on December 17, 2025, BEP previously sought and received approval from the TSX to repurchase up to 700,000 Series 7 Preferred Units, 1,000,000 Series 13 Preferred Units, and 600,000 Series 18 Preferred Units. BEP did not repurchase any Preferred Units under this normal course issuer bid.

Under BRP Equity’s prior normal course issuer bid that commenced on December 18, 2024 and expires on December 17, 2025, BRP Equity previously sought and received approval from the TSX to repurchase up to 684,953 Series 1 Preferred Shares, 311,053 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 did not repurchase any Preferred Shares under this normal course issuer bid.

All purchases of the LP Units and Exchangeable Shares will be effected through the facilities of the TSX and/or the New York Stock Exchange and/or alternative trading systems in Canada and/or the United States. All purchases of Preferred Units and Preferred Shares will be effected through facilities of the TSX and/or alternative trading systems in Canada. All LP Units, Preferred Units, Exchangeable Shares and Preferred Shares acquired under the applicable normal course issuer bid will be cancelled. Repurchases will be subject to compliance with applicable Canadian securities laws.

BEP and BEPC intend to enter into automatic share purchase plans, which have been pre-cleared by the TSX, on or about the week of December 22, 2025 in relation to their respective normal course issuer bids. The automatic share purchase plans will allow for the purchase of LP Units, Preferred Units and Exchangeable Shares, as applicable, subject to certain trading parameters, at times when BEP or BEPC, as applicable, ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside these periods, LP Units, Preferred Units or Exchangeable Shares, as applicable, will be repurchased in accordance with management’s discretion, in compliance with applicable law.

Brookfield Renewable

Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed solar, and storage facilities, and our sustainable solutions assets include our investment in a leading global nuclear services business and investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.

Investors can access the portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation.

Brookfield Renewable is the flagship listed renewable power and transition company of Brookfield Asset Management, a leading global alternative asset manager headquartered in New York, with over $1 trillion of assets under management.            

For more information, please contact:
Media:	Investors:
Simon Maine	Alex Jackson
Tel: +44 7398 909 278	Tel: +1 (416) 649-8196
Email: simon.maine@brookfield.com	Email: alexander.jackson@brookfield.com

Cautionary Statement Regarding Forward-looking Statements 

This news release contains forward-looking statements and information within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws. Forward-looking statements and information may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements and information can be identified by the use of words such as “will”, “believes” and “may” or variations of such words and phrases and include statements regarding the potential future purchases by BEP of its LP Units and Preferred Units, by BEPC of its Exchangeable Shares and by BRP Equity of its Preferred Shares pursuant to their respective normal course issuer bids and, as applicable, automatic repurchase plans. Although Brookfield Renewable believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader 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: general economic conditions; interest rate changes; availability of equity and debt financing; the performance of the LP Units, the Preferred Units, the Exchangeable Shares or the Preferred Shares or the stock exchanges generally; and other risks and factors described in the documents filed by Brookfield Renewable with securities regulators in Canada and the United States including under “Risk Factors” in Brookfield Renewable’s most recent Annual Report on Form 20-F and other risks and factors that are described therein.

Except as required by law, Brookfield Renewable does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether written or oral, whether as a result of new information, future events or otherwise.

FAQ

When do Brookfield Renewable (BEP / BEPC) repurchase programs start and end?

Repurchases may commence on Dec 18, 2025 and will terminate on Dec 17, 2026 unless completed earlier.

How many LP Units can BEP repurchase under the 2025–2026 NCIB?

BEP is authorized to repurchase up to 15,296,104 LP Units, representing 5% of issued LP Units.

What daily limit applies to BEP repurchases on the TSX?

BEP may repurchase up to 69,640 LP Units on the TSX during any trading day (25% of six-month average volume).

What is the repurchase authorization for BEPC Exchangeable Shares (ticker BEPC)?

BEPC is authorized to repurchase up to 7,244,255 Exchangeable Shares, equal to 5% of its issued shares.

Will Brookfield Renewable cancel securities it buys back under the bids?

Yes; all LP Units, Preferred Units, Exchangeable Shares and Preferred Shares acquired under the bids will be cancelled.

How will Brookfield execute purchases for the 2025–2026 NCIBs?

Purchases will be effected through the TSX, NYSE and/or alternative trading systems, and automatic purchase plans are planned the week of Dec 22, 2025.

How many LP Units did BEP repurchase under the prior 2024–2025 program and at what price?

As of Dec 4, 2025 BEP repurchased 1,522,975 LP Units at a weighted average price of CDN$31.9363.