Brookfield Renewable Stock Price, News & Analysis

Brookfield Renewable Corporation Class A Exchangeable Subordinate Voting Shares (BEPC) provide investors with corporate shares that offer economic exposure to Brookfield Renewable, which operates what it describes as one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Investors can access this platform either through Brookfield Renewable Partners L.P. (BEP) or through Brookfield Renewable Corporation (BEPC), a Canadian corporation whose shares trade on the New York Stock Exchange and the Toronto Stock Exchange.

According to company disclosures, Brookfield Renewable’s renewable power portfolio includes hydroelectric, wind, utility-scale solar, distributed solar, and storage facilities. In addition to these generation and storage assets, its sustainable solutions activities include an investment in a leading global nuclear services business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling, and eFuels manufacturing capacity, among other areas described in its news releases.

Brookfield Renewable is described as the flagship listed renewable power and transition company of Brookfield Asset Management, a global alternative asset manager headquartered in New York. Brookfield Renewable states that it operates on a globally diversified basis, with assets across multiple renewable technologies and markets, and that it participates in investments directly, with institutional partners, in joint ventures and through other arrangements.

BEPC share structure and relationship with BEP

Brookfield Renewable has established two main listed vehicles for public investors: Brookfield Renewable Partners L.P. (a Bermuda-based limited partnership) and Brookfield Renewable Corporation (a Canadian corporation). The class A exchangeable subordinate voting shares of BEPC are designed to provide an economic return equivalent to that of the limited partnership units of BEP, based on the company’s descriptions.

Under an at-the-market equity issuance program announced by Brookfield Renewable Corporation, BEPC may issue class A exchangeable subordinate voting shares directly from treasury. Each BEPC share is described as being exchangeable at the option of the holder for one BEP limited partnership unit or its cash equivalent, with the form of payment determined at the election of BEPC, subject to adjustments for certain capital events. This exchange feature is a core structural characteristic of the BEPC shares highlighted in the company’s public communications.

Business activities and asset mix

Brookfield Renewable reports that its business spans several segments and technologies. Its hydroelectric operations are a significant part of its portfolio, and company communications refer to hydro assets as providing baseload and grid-stabilizing characteristics. The company also reports extensive activities in wind and solar generation, including utility-scale solar and distributed solar projects, as well as battery and other storage facilities.

In its sustainable solutions segment, Brookfield Renewable highlights its investment in a global nuclear services business and investments in energy transition–related infrastructure such as carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity. These activities are presented as part of a broader strategy to participate in technologies that support power grids and the transition to lower-carbon energy systems.

Capital markets activity and financing approach

Brookfield Renewable regularly uses capital markets to support its activities and manage its capital structure. In one recent example, Brookfield Renewable agreed to issue Series 20 Notes, which are green-labelled corporate securities, through a subsidiary, with guarantees from Brookfield Renewable and certain holding subsidiaries. The company states that this issuance represents its eighteenth green-labelled corporate securities issuance in North America, and that net proceeds are intended to fund Eligible Investments under its Green Financing Framework, including repayment of indebtedness incurred in respect of those investments.

Brookfield Renewable Corporation has also established an at-the-market equity issuance program for BEPC shares. Under this program, BEPC may offer and sell shares directly into the market, with sales executed through agents on the Toronto Stock Exchange, the New York Stock Exchange or other marketplaces where BEPC shares trade. The company indicates that proceeds from this program, if any, are intended to facilitate repurchases by Brookfield Renewable Partners of its non-voting limited partnership units under a normal course issuer bid and for general corporate purposes.

Normal course issuer bids and capital management

Brookfield Renewable has described the use of normal course issuer bids for several of its listed securities, including BEP limited partnership units, BEP preferred units, BEPC exchangeable shares and preferred shares of a subsidiary. The company states that these bids provide flexibility to use available funds to purchase securities when they are trading in price ranges that, in its view, do not fully reflect their value. Securities repurchased under these programs are to be cancelled, according to the company’s disclosures.

Brookfield Renewable has also indicated its intention to enter into automatic share purchase plans in connection with these issuer bids. These plans are described as allowing purchases during periods when the issuer might otherwise be restricted from trading, subject to trading parameters and applicable securities laws.

Reporting and regulatory filings

As a foreign private issuer, Brookfield Renewable Corporation files Form 6-K reports with the U.S. Securities and Exchange Commission. These reports have included interim consolidated financial statements, management’s discussion and analysis, and certifications of interim filings. Certain 6-K filings also reference a joint registration statement on Form F-3 for Brookfield Renewable Corporation and Brookfield Renewable Partners L.P.

The company’s disclosures emphasize that investors can access further information, including audited annual and unaudited quarterly reports, through regulatory filing systems and the Brookfield Renewable website. These filings provide more detailed information on segment performance, financing, and other aspects of the business.

Relationship with Brookfield Asset Management

Brookfield Renewable is described as the flagship listed renewable power and transition company of Brookfield Asset Management. Brookfield Asset Management is characterized in the company’s communications as a leading global alternative asset manager headquartered in New York, with a very large base of assets under management. Brookfield Renewable’s positioning within this broader group is a recurring element in its public descriptions.

FAQs about Brookfield Renewable Corporation (BEPC)

• What does Brookfield Renewable Corporation (BEPC) represent?
  

  Brookfield Renewable Corporation is a Canadian corporation that provides investors with exposure to Brookfield Renewable’s renewable power and sustainable solutions platform through class A exchangeable subordinate voting shares. These shares are intended to be economically equivalent to units of Brookfield Renewable Partners L.P., based on the company’s descriptions.

• How can investors access Brookfield Renewable’s portfolio?
  

  According to the company, investors can access Brookfield Renewable’s portfolio either through Brookfield Renewable Partners L.P., a Bermuda-based limited partnership listed under the symbols BEP and BEP.UN, or through Brookfield Renewable Corporation, whose class A exchangeable subordinate voting shares trade under the symbol BEPC on the New York Stock Exchange and the Toronto Stock Exchange.

• What types of assets are in Brookfield Renewable’s portfolio?
  

  Company disclosures state that Brookfield Renewable’s renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed solar and storage facilities. Its sustainable solutions assets include an investment in a global nuclear services business and investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.

• What is special about BEPC’s class A exchangeable subordinate voting shares?
  

  Brookfield Renewable Corporation states that each BEPC share is exchangeable at the option of the holder for one Brookfield Renewable Partners limited partnership unit or its cash equivalent, with the form of payment determined at BEPC’s election, subject to adjustments for certain capital events. This exchange feature is a key structural attribute of the BEPC shares.

• How does Brookfield Renewable use green financing?
  

  In a recent announcement, Brookfield Renewable highlighted the issuance of green-labelled Series 20 Notes through a subsidiary. The company stated that the net proceeds are intended to fund Eligible Investments under its Green Financing Framework, including repayment of indebtedness incurred in respect of those investments. It also noted that this was its eighteenth green-labelled corporate securities issuance in North America.

• What is Brookfield Renewable’s relationship with Brookfield Asset Management?
  

  Brookfield Renewable describes itself as the flagship listed renewable power and transition company of Brookfield Asset Management. Brookfield Asset Management is characterized as a leading global alternative asset manager headquartered in New York. This relationship is highlighted in multiple Brookfield Renewable news releases.

• What role do normal course issuer bids play for BEPC?
  

  Brookfield Renewable has announced that Brookfield Renewable Corporation maintains a normal course issuer bid for its exchangeable shares. The company states that such bids provide flexibility to repurchase securities when they are trading in price ranges that, in its view, do not fully reflect their value, and that securities acquired under these programs are cancelled.

• What regulatory filings does Brookfield Renewable Corporation make in the United States?
  

  Brookfield Renewable Corporation files Form 6-K reports as a foreign private issuer under the Securities Exchange Act of 1934. These filings have included interim consolidated financial statements, management’s discussion and analysis, and certifications of interim filings, and they may be incorporated by reference into the company’s registration statements.