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Brookfield Renewable Energy Partners - Q1-2019 Earnings, Price Target

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Brookfield Renewable Energy LP (BEP.UN) owns $34B in power generating assets totalling more than 300 facilities comprising 17,500MW (12,000MW net to BEP share) and a development pipeline of 8,000MW. Capital spending is forecast at approximately $1B annually or 5% of total assets through to 2019. Generating capacity is comprised of hydro - 75% and 15% wind power with the balance from solar. By total assets, 70% are located in Canada and the US, 25% in Brazil/Columbia and 5% 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%. Hydro power contributes 60% of AFFO, Wind and Solar at 20% each. Financial statements are issued in US dollars. Dividends are paid in either Canadian equivalent or US dollars.

The quarterly distributions payable on L.P. Units of Brookfield Renewable Energy Partners are declared in U.S. dollars. Unitholders 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. Eight distribution increases have occurred since November 2011 from C$1.30 to US$2.06. By 2019 year end management guidance forecasts distributions to be approximately $2.20 per share. Distributions were most recently increased by 5.1% to $2.06 per unit effective Q1-2019.

In Nov-2011 power generation assets held in Brookfield Renewable Power Inc. and Brookfield Renewable Power Fund were combined to launch Brookfield Renewable Energy Partners LP (BEP.UN). Units of Brookfield Renewable Energy Fund (BRC.UN) were exchanged 1 for 1 for BEP.UN shares. Brookfield Renewable Power Inc. was a wholly owned subsidiary of Brookfield Asset Management Inc. (BAM) who prior to the transaction owned 34% of Brookfield Renewable Energy (BRC.UN.) BAM initially retained a 74% interest in the new entity until Jan-24-2012 when they reduced this to 68% by way of a secondary offering, and then to 62.5% with another secondary offering on Mar-13-2013. We do not expect Brookfield Asset Management to reduce their position below 60%.

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