BROOKFIELD RENEWABLE PARTNERS L.P. $44.13(Toronto symbol BEP.UN; Units outstanding: 296.3 million; Market cap: $13.1 billion; TSINetwork Rating: Extra Risk; Dividend yield: 6.3%; www.brookfieldrenewable.com) has interests in 219 hydroelectric generating stations, 106 wind farms and 545 solar-power facilities. In all, it operates over 17,400 megawatts of generating capacity.
In the quarter ended March 31, 2019, cash flow per unit jumped 17.1%, to $0.73 U.S. from $0.62 a year earlier. The gains came from new plants and higher electricity prices.
With its institutional partners, Brookfield has agreed to invest in TransAlta Corp. (Toronto symbol TA) convertible securities paying 7% interest.
It will pay a total of $750 million (Canadian): the first payment of $350 million was made on May 1, 2019, and the remaining $400 million is due October 2020. The securities give Brookfield the option to convert the funds into an interest in TransAlta’s 813-megawatt Alberta portfolio.
Brookfield’s units trade at 13.0 times its forecast 2019 cash flow of $2.53 U.S. a share. It raised its quarterly distribution by 5.1% with the March 2019 payment. The units now yield a high 6.3%.
Brookfield Renewable is a buy.
INNERGEX RENEWABLE ENERGY $13.94(Toronto symbol INE; Shares outstanding: 133.5 million; Market cap: $1.9 billion; TSINetwork Rating: Extra Risk; Dividend yield 5.0%; www.innergex.com)operates 34 hydroelectric plants, 25 wind farms, three solar power fields and two geothermal facilities. Those operations are spread across the provinces of Quebec, Ontario and British Columbia, as well as Idaho, France and Iceland. The company gets 46% of its power from hydro, 45% from wind, 5% from geothermal and 4% from solar energy.
In the quarter ended March 31, 2019, cash flow jumped 63.3%, to $57.5 million from $35.2 million a year earlier. Cash flow per share rose 48.3%, to $0.43 from $0.29, on more shares outstanding due to the acquisition of Alterra Power.
In February 2018, Innergex completed that purchase for a total of $1.1 billion. Alterra operated 10 projects (three hydro, three wind, two geothermal and two solar) in Canada, the U.S. and Iceland. In addition, it had both a U.S. wind plant and an Iceland hydro project under construction.
In May 2019, Innergex sold all its assets in Iceland acquired in the Alterra purchase. This included a 53.9% stake in two geothermal power projects. The buyer was Jarðvarmi SLHF and the sale price was for $408.8 million.
Innergex trades at 8.0 times its forecast 2019 cash flow of $1.75 a share. The company raised its dividend by 2.9% with the April 2019 payment. The stock currently yields a high 5.0%.
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