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Brookfield Renewable Energy Partners - 2019 Earnings, Price Target Update

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Brookfield Renewable Energy LP (BEP.UN) owns $36B (at their interest) in $53B of power generating assets comprised of nearly 900 facilities totaling 18,800MW (12,500MW net to BEP share). The development pipeline of 13,000MW, budgeted at over $9B for Brookfield's share over the next 5 years is mainly comprised of wind and solar. Generating capacity is comprised of hydro - 42% and 25% wind power, solar 16% and pumper storage -14%. Generation capacity is located in the US, Canada, Columbia, Brazil, Europe and China.

Financial statements are issued in US dollars. Dividends are paid in either Canadian equivalent or US dollars. Brookfield Asset Management (BAM.A) with $500B in total assets, owns approximately 60% of Brookfield Renewable Energy (BEP.UN). The majority of the long-term power purchase agreements are with investment-grade rated or creditworthy counterparties such as Brookfield Asset Management and its subsidiaries (47%), government-owned utilities or power authorities (19%), industrial power users (25%) and distribution companies (9%). In 2011, Brookfield Asset Management (BAM) listed its renewable power business by combining all its renewable assets under one flagship, global entity (Brookfield Renewable Partners – BEP). During Q1-2020, BEP.UN will create a new company by issuing BEP.UN shareholders an additional share in BEPC.

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 requested, shareholders will receive distributions in U.S. dollars. Nine distribution increases have occurred from Nov-2011 to Jan-2020, from C$1.30 to US$2.17 or approximately 7% annually.

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