BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. $31.75 (Toronto symbol BEP.UN; Units outstanding: 265.2 million; Market cap: $8.3 billion; TSINetwork Rating: Extra Risk; Dividend yield: 5.5%; www.brpfund.com) owns 196 hydroelectric generating stations, 11 wind farms and two natural-gas-fired plants. In all, it has 6,500 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 June 30, 2014, revenue fell 2.1%, to $474 million from $484 million a year earlier. However, cash flow gained 5.9%, to $198 million, or $0.74 a share, from $187 million, or $0.71. The increase was due to the contribution of new acquisitions.
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 in length. It also makes sure that it acquires companies with long-term contracts in place.
The company recently bought the Safe Harbor hydroelectric facility, on Pennsylvania’s Susquehanna River, for $902 million. It has also just completed the purchase of the wind power assets of the Irish government’s Bord Gais Energy for $960 million.
The units trade at 13.8 times Brookfield’s forecast 2014 cash flow of $2.30 a share. The company recently raised its quarterly distribution by 6.9%, to $0.3875 from $0.3625, for a 5.4% yield.
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