Brookfield Renew Stock Price, News & Analysis

Brookfield Renewable has announced the renewal of its normal course issuer bids for various securities on the Toronto Stock Exchange (TSX). The company is authorized to repurchase up to 14,255,578 LP Units (5% of outstanding) and 8,982,042 Exchangeable Shares (5% of outstanding). For Preferred Units and Preferred Shares, the repurchase authorization is approximately 10% of each series' public float.

The buyback program will run from December 18, 2024, to December 17, 2025. Under the previous program, BEP repurchased 2,279,654 LP Units at an average price of CDN$30.86. The company believes these repurchases provide flexibility to acquire shares when trading below their intrinsic value, representing an attractive use of funds.

Brookfield Renewable Partners (BEP) reported Q3 2024 financial results with Funds From Operations (FFO) of $278 million ($0.42 per unit), representing an 11% increase year-over-year. The company deployed or committed $2.3 billion of capital and commissioned ~1,200 megawatts of new renewable energy capacity. Year-to-date asset sales generated over $2.3 billion in proceeds with a ~25% IRR. The company secured contracts for an additional 6,100-gigawatt hours per year of generation and maintains $4.6 billion in available liquidity. Despite these achievements, BEP reported a net loss of $181 million attributable to Unitholders for Q3 2024.

Ørsted has partnered with Brookfield in a significant offshore wind deal, selling a 12.45% stake in four operational UK offshore wind farms for an enterprise value of $2.3 billion ($570 million net to Brookfield Renewable). The transaction involves Hornsea 1, Hornsea 2, Walney Extension, and Burbo Bank Extension, with a combined capacity of 3.5 GW.

Ørsted will retain 37.55% ownership and maintain operational control of the assets, which operate under long-term inflation-linked contracts. The deal includes a call option for Ørsted to repurchase the assets between two and seven years after closing. The transaction is expected to close by end of 2024, subject to regulatory approvals.

Brookfield Renewable Partners L.P. (BEP) and Brookfield Renewable (BEPC) have announced a reorganization plan to address proposed amendments to the Income Tax Act (Canada). The Arrangement aims to maintain the benefits of Brookfield Renewable's business structure while avoiding additional costs to BEPC. Key points:

- BEPC shareholders will own an economically equivalent security with the same benefits and governance.
- The Arrangement is expected to be tax-deferred for most investors, including Canadian and U.S. shareholders.
- A special shareholder meeting will be held virtually on December 3, 2024, to approve the plan.
- The newly issued class A exchangeable subordinate voting shares will be listed on TSX and NYSE under the 'BEPC' symbol.
- The Board unanimously recommends shareholders vote in favor of the Arrangement.

The reorganization is expected to be completed in Q4 2024, subject to court and shareholder approval.

Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC) has announced its Third Quarter 2024 Conference Call and Webcast, scheduled for Friday, November 8, 2024, at 8:30 a.m. ET. The company will release its results on the same day at approximately 7:00 a.m. ET, which will be available on their website under 'Press Releases'.

Brookfield Renewable operates one of the world's largest publicly traded platforms for renewable power and sustainable solutions. Their portfolio includes:

• Hydroelectric, wind, utility-scale solar, and storage facilities across multiple continents
• Over 34,000 megawatts of operating capacity
• Approximately 200,000 megawatts in development pipeline
• Investments in Westinghouse and a utility and independent power producer in the Caribbean and Latin America
• Development pipeline for carbon capture and storage, agricultural renewable natural gas, and materials recycling

Investors can access the portfolio through Brookfield Renewable Partners L.P. or Brookfield Renewable

Masdar, a UAE-based clean energy company, announced its proposed acquisition of Saeta Yield from Brookfield Renewable for $1.4 billion. Saeta, an independent developer of renewable power assets, will add 745 MW of wind and solar assets and a 1.6 GW development pipeline in Spain and Portugal to Masdar's portfolio. This acquisition aligns with Masdar's goal to achieve 100 GW of global capacity by 2030. The transaction, one of the largest renewable energy deals in Spain and Portugal, is subject to customary approvals and expected to close by the end of 2024. Brookfield will retain a regulated portfolio of 350 MW of concentrated solar power assets. The sale supports Brookfield's asset rotation strategy to fund growth activities. Masdar's acquisition demonstrates its commitment to accelerating the energy transition in Europe, complementing its recent partnership with Endesa for 2.5 GW of renewable energy assets in Spain.

CDPQ, a global investment group, has announced an agreement with Brookfield Asset Management (NYSE: BAM) and its partners to acquire a 25% stake in First Hydro Company, a critical electricity generation and storage facility in the United Kingdom. First Hydro operates two power plants in Wales, offering a capacity of over 2,000 MW, representing 76% of the UK's total pumped hydro storage. This infrastructure is important for the country's increasing grid flexibility and stability needs.

The investment marks CDPQ's first venture into pumped hydro storage, partnering with Engie, which owns the remaining 75%. Emmanuel Jaclot, CDPQ's Executive VP and Head of Infrastructure, highlighted First Hydro's critical role in managing the UK's national electricity system and meeting net zero commitments. The financial close is expected by the end of 2024, subject to customary conditions and approvals.

Brookfield Asset Management (NYSE: BAM, TSX: BAM) has announced a strategic funding partnership with Infinium, committing to invest up to $1.1 billion to accelerate the growth of Infinium's eFuels platform. The investment includes $200 million in Infinium and its Project Roadrunner in West Texas, with up to an additional $850 million for global eFuels projects deployment. Infinium's eFuels, including eSAF (sustainable aviation fuel), can reduce lifecycle greenhouse gas emissions by approximately 90% or more compared to conventional fuels.

The investment will be made through Brookfield's Global Transition Fund and marks its first direct investment in sustainable aviation fuel. Infinium recently secured a deal with American Airlines to supply commercial volumes of eSAF starting in 2026. Project Roadrunner will also produce eNaphtha for plastics manufacturing and eDiesel for long-haul trucking and maritime applications.

Brookfield Renewable Partners (NYSE: BEP) reported robust Q2 2024 results, with Funds From Operations (FFO) rising 9% YoY to $339 million ($0.51 per unit). Despite a net loss of $154 million for the quarter, driven by non-cash expenses, BEP advanced its growth initiatives, deploying $8.6 billion in capital and securing contracts for 2,700 GWh of additional generation. Key accomplishments include commissioning 1,400 MW of new capacity, executing $400 million in asset sales, and maintaining $4.4 billion in liquidity.

Significant investments were made, including acquiring a 53% stake in Neoen and investing in Leap Green in India. BEP also expanded into South Korea, targeting battery energy storage projects. Its diverse portfolio boasts over 230,000 MW in development, positioning it as a leading clean power provider. The company declared a quarterly distribution of $0.355 per unit, payable on September 27, 2024. BEP continues to target a 10%+ FFO per unit growth for 2024.