BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. $34.33 (Toronto symbol BEP.UN; Units outstanding: 265.2 million; Market cap: $9.2 billion; TSINetwork Rating: Extra Risk; Dividend yield: 5.1%; 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.
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. In August 2014, it completed the purchase of the Safe Harbor hydroelectric facility, on Pennsylvania’s Susquehanna River, for $902 million.
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%.
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