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Recommendation Changes
PZA, CNQ, TOU, SU, BEP.UN, more...

Brookfield Renewable LP , Brookfield Renewable Corp. Q1-2021 Earnings, Price Targets

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Brookfield Renewable Energy LP, Brookfield Renewable Corp. (BEP.UN, BEPC)owns $38B (at their interest) in $50B of power generating assets comprised of approximately 900 facilities totaling 21,000MW (12,600MW net to BEP share) as at Mar-31-2021. The development pipeline of 27,000MW, is budgeted at over $9.5B at Brookfield's share over the next 5 years mainly comprised of wind and solar. Generating capacity is comprised of hydro - 52% and 22% wind power, solar 16% and pumped storage -5% and other at 5%. Generation capacity is located in North America -50%, Columbia, Brazil at 26% and Europe-20% and Asia at 4%. Financial statements are issued in US dollars. Dividends are paid in either Canadian equivalent or US dollars. Brookfield Asset Management (BAM.A) with $609B in total assets under management owns 48% of Brookfield Renewable Energy (BEP.UN). Brookfield Renewable Energy Corporation (BEPC) was formed with assets from Brookfield Renewable Energy LP(BEP.UN) during the 1H-2020. (see section on BEPC formation). 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. Eleven distribution increases have occurred from Nov-2011 to Jan-2022 at an approximate annual 6% growth rate adjusted for the 3:2 stock split in Dec-2020.

In total the portfolio has an average remaining contract duration of 14 years (on a proportionate basis to BEP.UN). Average remaining contract durations on a net to BEP basis are 16 years in North America, 13 years in Europe,9 years in Brazil, 3 years in Colombia, and 18 years across our remaining jurisdictions.

A total of 152 MW of news assets reached commercial operations during the quarter 2,740 MW of assets are currently under construction. The development pipelines of 3,222 MW (572 MW net to Brookfield Renewable) once commissioned, is forecast to contribute $57M in FFO on an annualized basis.

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