BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. $29.56 (Toronto symbol BEP.UN; Units outstanding: 132.8 million; Market cap: $3.9 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.7%; www.brpfund.com) owns 170 hydroelectric generating stations, seven wind farms and two natural-gas-fired plants. In all, it has 4,909 megawatts of generating capacity.
Roughly 35% of Brookfield Renewable’s generating capacity is in Canada, with another 45% in the U.S. and 20% in Brazil. The company sells virtually all of its power under agreements that are an average of 24 years in length.
In the three months ended March 31, 2012, Brookfield’s revenue rose 31.1%, to $430 million from $328 million a year earlier. Cash flow per unit rose 45.6%, to $0.67 from $0.46. The company started up new plants in the quarter. Heavy rainfall also helped it generate more hydroelectric power.
Brookfield’s outlook is positive. The units now trade at 11.0 times the company’s annual cash flow per share, based on the latest quarter.
Earlier this year, Brookfield raised its distribution to $1.38 per unit from $1.30. That gives it a 4.7% yield. It paid out just 52% of cash flow as dividends in the latest quarter, so that high yield looks safe.
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