BROOKFIELD RENEWABLE PARTNERS L.P. $38.20(Toronto symbol BEP.UN; Units outstanding: 265.2 million; Market cap: $10.4 billion; TSINetwork Rating: Extra Risk; Dividend yield: 6.1%; www.brookfieldrenewable.com) owns 207 hydroelectric generating stations, 37 wind farms and five natural gas-fired plants. In all, it has over 7,284 megawatts of generating capacity.
Roughly 24% of that power is in Canada, with another 53% in the U.S., 15% in Latin America and 8% in Europe.
In the three months ended March 31, 2016, Brookfield’s cash flow per share rose 21.4%, to $0.68 U.S from $0.56 a year earlier. Above-normal rainfall pushed up its hydroelectric output.
The company is part of the consortium this is buying Isagen SA from the Colombian government. Isagen owns six hydroelectric plants and is Colombia’s third-largest power generator. Brookfield will end up with a 25% stake for $625 million U.S.
Investing in Latin America entails above-average political and currency risk. But it lets the company buy high-quality assets at distressed prices.
Brookfield trades at 12.0 times its forecast 2016 cash flow of $2.43 U.S. a share. It yields 6.1%.
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