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BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. (Toronto symbol BEP.UN;www.brookfieldrenewable.com) owns 196 hydroelectric generating stations, 11 wind farms and two natural-gas-fired plants. In all, it has 6,700 megawatts of generating capacity.
Roughly 31% of that capacity is in Canada, with another 52% in the U.S. and 17% in Brazil.
In the quarter ended September 30, 2014, Brookfield’s cash flow per share fell 46.3%, to $0.22 from $0.41 a year earlier. That’s because below-normal rainfall slowed the company’s hydroelectric production. However, rainfall averages out over time: in the nine months ended September 30, cash flow per share fell just 4.1%, to $1.65 from $1.72.
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To further boost its power output, Brookfield plans to keep acquiring or building hydroelectric plants and wind farms. To cut its risk, it sells virtually all of its electricity under long-term agreements that are an average of 24 years long. It also makes sure it acquires firms with long-term contracts in place.
In June 2014, the company bought the wind power assets of the Irish government’s Bord Gais Energy for $960 million. The purchase brought 321 megawatts of capacity across 17 projects in Ireland and Northern Ireland. Bord Gais has another 125 megawatts under construction and 300 megawatts in the planning stage.
In August 2014, Brookfield completed the purchase of the Safe Harbor hydroelectric facility, on Pennsylvania’s Susquehanna River, for $902 million. With 417 megawatts of capacity, Safe Harbor is one of the largest hydroelectric facilities in the northeastern U.S.
The units trade at 14.9 times Brookfield’s forecast 2014 cash flow of $2.30 a share. In March 2014, the company raised its quarterly distribution by 6.9%, to $0.3875 from $0.3625. It currently yields 5.1%.
Brookfield Renewable Energy Partners is a buy recommendation of Canadian Wealth Advisor.
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