Acquisitions continue to help this Canadian clean-energy stock expand internationally and add more wind and solar power to its network.
Contributions from new plants as well as stronger power generation overall helped boost cash flow, which rose 15.7% in the latest quarter. In the meantime, the company’s units trade at a moderate 13.4 time projected cash flow for 2018. The dividend was raised earlier this year, and currently yields a high 6.3%.
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BROOKFIELD RENEWABLE PARTNERS L.P. (Toronto symbol BEP.UN; www.brookfieldrenewable.com) has interests in 217 hydroelectric generating stations, 77 wind farms and 537 solar power facilities. In all, it operates over 16,000 megawatts of generating capacity.
Currently, 82% of Brookfield’s power generation comes from its hydroelectric operations, 16% from wind, and 2% from solar. Overall, 60% of its power generation is in North America, 20% in Brazil, 15% in Colombia, and 5% in Europe and Asia.
In the quarter ended June 30, 2018, cash flow per unit rose 15.8%, to $0.66 U.S. from $0.57 a year earlier. The gains came from new plants as well as stronger power generation at all of Brookfield’s facilities.
Last year, the partnership and a group of institutional investors paid $657 million U.S. for 100% of TerraForm Global; that firm owns and operates clean energy plants in emerging markets. Brookfield’s contribution of $202 million U.S. gives it a 31% share. The partners also acquired 51% of TerraForm Power (Nasdaq symbol TERP). Brookfield paid $203 million U.S. for a 16% stake in that firm.
Value Stocks: TerraForm acquisition add 3,600 megawatts of solar and wind power
In February 2018, TerraForm Power agreed to pay $1.2 billion U.S. for 100% of Saeta Yield; it is a 1,028-megawatt portfolio of European wind and solar assets.
To help cover the purchase costs, Brookfield and its partners increased their ownership interests in TerraForm Power to 65%. As part of that, the company paid another $217 million to raise its individual stake to 30%.
These two acquisitions added 3,600 megawatts of solar and wind assets to Brookfield’s renewable power portfolio. The partnership is now integrating TerraForm Global into its Brazilian operations.
Last year the partnership also completed two acquisitions in Europe for $278 million. One was its purchase of a 25% stake in First Hydro, an operator of three pumped storage facilities in Wales with a capacity of 2,100 megawatts. The other was the purchase of a small wind farm in Northern Ireland.
The partnership’s units now trade at 13.4 times the forecast 2018 cash flow of $2.26 U.S. a share. With the March 2018 payment, Brookfield raised its quarterly dividend by 4.8%, to $0.49 U.S. from $0.4675. The units now yield a high 6.3%.
Recommendation in Canadian Wealth Advisor: Brookfield Renewable is a buy.
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