Brookfield adds key assets

Article Excerpt

BROOKFIELD RENEWABLE PARTNERS L.P. $57.90, is a buy. The partnership (Toronto symbol BEP.UN; Units outstanding: 309.1 million; Market cap: $26.3 billion; TSINetwork Rating: Extra Risk; Dividend yield: 2.6%; www.brookfieldrenewable.com) has agreed to buy a portfolio of solar assets from U.S. energy giant Exelon Corp (Nasdaq symbol EXC). The additional 360 megawatts of solar electricity production is spread across nearly 600 sites throughout the U.S. The assets also include 700 megawatts under development. The total purchase price is $810 million U.S. The portfolio gives Brookfield a total of 2,000-plus megawatts of solar power production. Following the deal, solar power will make up 9% of Brookfield’s cash flow, and the partnership plans to keep expanding in that area. Meanwhile, the Excelon assets are all contracted under long-term power purchase agreements. That cuts the risk of the acquisition. Brookfield Renewable Partners is a buy. buy…