Brookfield Renewable Announces Renewal of Normal Course Issuer Bid for Preferred Shares

BROOKFIELD, NEWS--(Marketwired - June 23, 2017) -

All amounts in Canadian dollars unless otherwise noted

Brookfield Renewable Partners L.P. (TSX:BEP.UN)(NYSE:BEP) ("Brookfield Renewable") today announced that the Toronto Stock Exchange (the "TSX") accepted a notice filed by 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 Brookfield Renewable. Brookfield Renewable believes that in the event that the Preferred Shares trade in a price range that does not fully reflect their value, the acquisition of Preferred Shares may represent an attractive use of available funds. There are currently five series of Preferred Shares outstanding.

Under the normal course issuer bid, 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 shares1	Public float1	Average daily trading volume	Maximum number of shares subject to purchase2
					Total	Daily
1	BRF.PR.A	5,449,675	5,448,875	9,047	544,887	2,261
2	BRF.PR.B	4,510,389	4,510,389	3,208	451,038	1,000
3	BRF.PR.C	9,961,399	9,961,399	6,883	996,139	1,720
5	BRF.PR.E	7,000,000	4,114,504	3,889	411,450	1,000
6	BRF.PR.F	7,000,000	7,000,000	5,815	700,000	1,453

1. Calculated as at June 14, 2017.
2. In accordance with TSX rules, any daily repurchases with respect to the Series 1, Series 3 and Series 6 Preferred Shares would be limited to 25% of the average daily trading volume on the TSX of the respective series, and (ii) the Series 2 and Series 5 Preferred Shares would be limited to 1,000 Preferred Shares.

Repurchases are authorized to commence on June 27, 2017 and will terminate on June 26, 2018, or earlier should BRP Equity complete its repurchases prior to such date.

Under its prior normal course issuer bid that commenced on June 27, 2016 and expires on June 26, 2017, 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.

All purchases will be made through the facilities of the TSX, and all Preferred Shares acquired under the normal course issuer bid will be cancelled. Repurchases will be subject to compliance with applicable Canadian securities laws.

From time to time, when BRP Equity does not possess material non-public information about itself or its securities, it may enter into automatic purchase plans with its broker to allow for the purchase of Preferred Shares at times when BRP Equity ordinarily would not be active in the market due to its own internal trading blackout periods and insider trading rules. Any such plans entered into with BRP Equity's broker will be adopted in accordance with applicable Canadian securities laws. The series of Preferred Shares subject to an automatic purchase plan may vary. Outside of these periods, Preferred Shares will be repurchased in accordance with management's discretion, subject to applicable law.

Brookfield Renewable Partners

Brookfield Renewable Partners operates one of the world's largest publicly traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric and wind facilities in North America, Latin America and Europe and totals more than 10,000 megawatts of installed capacity. Brookfield Renewable is listed on the New York and Toronto stock exchanges.

Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with approximately US$250 billion of assets under management.

Cautionary Statement Regarding Forward-looking Statements

This news release contains forward-looking information within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words "may", "will", "expect", "should", "could", "potential", "target" "future", "growth", "believe", derivatives thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify the above mentioned and other forward-looking statements. Forward-looking statements in this news release include statements regarding Brookfield Renewable's intention to purchase Preferred Shares under BRP Equity's normal course issuer bid.

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: our ability to effectively complete and integrate new acquisitions and to realize the benefits of such acquisitions; the threat of litigation; hydrology, weather conditions and other factors which may impact generation levels at our facilities; economic conditions in the jurisdictions in which we do or will operate; fraud, bribery, corruption, other illegal acts or inadequate or failed internal processes or systems; new technologies in which we invest not performing as expected; our potential lack of control over our operations conducted through consortiums, partnerships or where minority shareholders have interests in our investments; the state of capital markets and our ability to access equity and debt financing; regulatory changes in the power markets in which we operate, including those relating to the regulation of our assets, licensing; contract counterparties not fulfilling their obligations; and other risks associated with the construction, development and operation of power generating facilities. We caution that the foregoing list of important factors that may affect future results is not exhaustive.

The forward-looking statements represent our views as of the date of this news release and should not be relied upon as representing our views as of any date subsequent to the date of this news release. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law. For further information on these known and unknown risks, please see "Risk Factors" included in our most recent Annual Report on Form 20-F.