BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. (Toronto symbol BEP.UN; brookfieldrenewable.com) owns 170 hydroelectric generating stations, seven wind farms and two natural-gas-fired plants. In all, it has 4,909 megawatts of generating capacity.
Roughly 35% of Brookfield Renewable’s generating capacity is in Canada, with another 45% in the U.S. and 20% in Brazil. The company sells virtually all of its power under agreements that are an average of 24 years in length.
In the three months ended March 31, 2012, Brookfield’s revenue rose 31.1%, to $430 million from $328 million a year earlier. Cash flow per unit rose 45.6%, to $0.67 from $0.46. The company started up new plants in the quarter. Heavy rainfall also helped it generate more hydroelectric power.
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Income investing: Brookfield acquires hydroelectric project in Tennessee Valley
Recently, Brookfield agreed to buy Alcoa’s 378-megawatt Tapoco hydroelectric project for $600 million U.S. Tapoco consists of four hydroelectric plants located on the Little Tennessee and Cheoah rivers in eastern Tennessee and western North Carolina.
Brookfield Renewable will own 25% of Tapoco (at a cost of $150 million) and manage the plants. A fund managed by Brookfield Asset Management will own the remaining 75%.
Power from the plants is only contracted for sale to the Tennessee Valley Authority until 2014.
However, Alcoa has just upgraded the plants.
Earlier this year, Brookfield raised its distribution to $1.38 per unit from $1.30. That gives it a 4.7% yield.
In the latest issue of Canadian Wealth Advisor, we consider whether the units of Brookfield can continue to move up and whether it can sustain its high dividend yield. We conclude with our clear buy-hold-sell advice on the company.
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