Brookfield expands down under

Article Excerpt

BROOKFIELD RENEWABLE PARTNERS L.P. $35 is a buy. The partnership (Toronto symbol BEP.UN; High-Growth Dividend Payer Portfolio, Utilities sector; Units outstanding: 663.0 million; Market cap: $23.2 billion; Distribution yield: 5.2%; Dividend Sustainability Rating: Above Average; www.bep.brookfield.com) owns 232 hydroelectric generating stations, 131 wind farms, 158 solar facilities, and 6,308 distributed generation and energy storage sites. With the March 2023 payment, Brookfield raised its quarterly distribution by 5.5%, to $0.3375 U.S. a unit from $0.32 U.S. The new annual rate of $1.28 U.S. yields a solid 5.2%. The partnership aims to raise the annual payment by 5% to 9% each year. Brookfield is leading a consortium that is buying Origin Energy Ltd. (U.S. Over-the-Counter Market symbol OGFGF) for $12.4 billion U.S. That firm is Australia’s largest integrated power generator and energy retailer. Brookfield will take control of Origin’s power plants, while its main partner will acquire the natural gas production and export facilities. Brookfield Renewable Partners is a buy. buy…