New projects lift Brookfield’s revenue

Article Excerpt

BROOKFIELD RENEWABLE PARTNERS L.P. $37 is a buy. The partnership (Toronto symbol BEP.UN; High-Growth Dividend Payer Portfolio, Utilities sector; Units outstanding: 659.2 million; Market cap: $24.4 billion; Distribution yield: 5.4%; Dividend Sustainability Rating: Above Average; www.bep.brookfield.com) owns 239 hydroelectric generating stations, 230 wind farms, 226 solar facilities, and 7,211 distributed generation and energy storage sites. With the March 2024 payment, Brookfield raised the quarterly distribution by 5.2%. The annual rate of $1.42 U.S. a unit yields a high 5.4%. The partnership aims to increase the annual payment by 5% to 9% each year. In the quarter ended September 30, 2024, newly commissioned and acquired solar facilities lifted Brookfield’s revenue by 24.7%, to $1.47 billion from $1.18 billion a year earlier (all amounts except unit price and market cap in U.S. dollars). Cash flow per unit also rose 10.5%, to $0.42 from $0.38. Brookfield Renewable is a buy. buy…