Brookfield Renewable Energy Partners (NYSE:BEP) says it is increasing its distribution growth range to 5%-9% annually, up from 3%-5% previously, reflecting positive long-term fundamentals and strong organic growth prospects.
BEP says it expects to achieve the new target while maintaining its target current payout ratio of 60%-70% of funds from operations.
Brookfield Renewable Energy Partners (BEP +0.4%) is modestly higher after acquiring full ownership of the 417 MW Safe Harbor hydroelectric facility on the lower Susquehanna River in Pennsylvania, agreeing to pay ~$613M to Exelon (EXC -0.2%) for the 67% stake in Safe Harbor it doesn't already own.
Safe Harbor is one of the largest conventional hydroelectric facilities in the Pennsylvania-New Jersey-Maryland Interconnection market.
Brookfield Renewable Energy Partners (BEP +3.6%) moves higher after announcing last night that, due to current capital market conditions, it will not proceed with its previously announced U.S. and Canadian public offering of limited partnership units.
Alcoa (AA +2.1%) agrees to sell its Tapoco Hydroelectric Project in Tennessee and North Carolina to Brookfield Renewable Energy Partners (BRPFF.PK) for $600M. The transaction includes four generating stations and dams, 86 miles of transmission line, and ~14.5K acres of land associated with Tapoco.
Brookfield Renewable Energy Partners LP owns and operates a portfolio of renewable power generating facilities including 193 hydroelectric generating stations, 11 wind facilities, and two natural gas-fired plants in USA, Canada and Brazil.