Brookfield expands in solar

Article Excerpt

BROOKFIELD RENEWABLE PARTNERS L.P. $41.90, is a buy. The partnership (Toronto symbol BEP.UN; Units outstanding: 309.1 million; Market cap: $27.3 billion; TSINetwork Rating: Extra Risk; Dividend yield: 2.9%; www.brookfieldrenewable.com) has acquired clean power developer Urban Grid and its pipeline of high-quality, utility-scale solar and energy storage projects. These total 13 gigawatts of utility-scale solar power capacity and 7 gigawatts of energy storage capacity across 12 states. The $650 million U.S. acquisition will triple Brookfield’s existing development pipeline in the U.S. to 31,000 megawatts. That makes it one of the largest U.S. renewable developers. Founded in 2020, Richmond, Virginia-headquartered Urban Grid currently has 2 gigawatts of under-construction, or ready-to-build, solar projects, along with another 4 gigawatts of “de-risked advanced stage buildout opportunities.” The acquired company’s renewable projects cover key U.S. markets. They include some in the mid-Atlantic, the Midwest and Southeast. Brookfield Renewable Partners is a buy. buy…