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Brookfield Renewable Energy Partners LP - Price Target Update

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Brookfield Renewable Energy LP (BEP.UN) owns $28B in power generating assets totalling 263 facilities comprised 15,000MW (10,500 BEP share). Generating capacity is mainly hydro - 88% is hydroelectric and 12% wind power. By total assets, 65% are located in Canada and the US, 19% in Columba, 12% in Brazil and 4% in Ireland and Portugal. The hydro generation facilities are diversified across 82 river systems and 15 power markets. The US contributes 50% of revenues, Canada-20%, Brazil-20%, the Republic of Ireland, Northern Ireland and Portugal-5%. Financial statements are issued in US dollars. Dividends are paid in either Canadian equivalent or US dollars.

Capital development plans include 3,400 MW pipeline with 200-250MW ($500-600M) planned in each of the next three years. Of the 3,000 MW planned, 1,000 MW will be wind power located in Europe. Targeted returns for capital development are 15-20%, this excludes acquisitions. Since 2012, a total of 4,000MW of capacity have been added of which 70%, mainly hydro assets were in the US. They invested $2B into U.S. merchant hydro at cyclical bottom, post financial crisis prices. The wind generation assets were constructed rather than acquired when selling prices were at a premium.

The quarterly distributions payable on L.P. Units of Brookfield Renewable Energy Partners are declared in U.S. dollars. Unit holders can elect to receive the distributions in either US dollars or equivalent. Unless they request the Canadian dollar equivalent, shareholders will continue to receive distributions in U.S. dollars. Five increases have occurred since November 2011 from C$1.30 to US$1.87. The target distribution growth has been increased from 3%-5% annually to 4%-9%. By 2019 year end they forecast distributions to be approximately $2.20 per share.

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