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BEP News
BEP Events
Brookfield Renewable Reports Q2 Revenue of $1.71B
Reports Q2 revenue $1.71B, consensus $1.79B. "We delivered record financial results, robust capital deployment, and the highest levels of development and asset recycling in our history," said Connor Teskey, CEO of Brookfield Renewable. He added, "Energy demand continues to grow at unprecedented levels with customers increasingly seeking scale, integrated power solutions. Our diversified global business and leading capabilities across hydro, solar, wind, storage and nuclear enables us to accelerate our growth in this environment. With the recent acquisition of Aypa, the largest standalone battery storage platform in North America, we continue to enhance Brookfield Renewable's position as the partner of choice for the largest corporate and sovereign buyers of power."
Cameco and Brookfield Submit Westinghouse IPO Registration Statement
Cameco (CCJ) announced that Westinghouse Electric Company, which is owned jointly by Cameco and Brookfield Renewable Partners (BEP), has confidentially submitted a draft registration statement on Form S-1 with the SEC relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined, and the proposed offering will be subject to market and other conditions.
Brookfield to Acquire Aypa Power for Approximately $7B
Brookfield announced that it has entered into an agreement to acquire Aypa Powe from funds managed by Blackstone Energy Transition Partners for approximately $7B enterprise value at closing, or an equity value of $3B. Aypa is the largest standalone battery storage developer in North America, with a highly contracted and diversified portfolio across attractive power markets in the United States and Canada. Under the terms of the agreement, Brookfield will acquire Aypa's operating, under-construction and contracted project portfolio, together with its development platform and approximately 200-person team. The transaction provides Brookfield with a leading presence in the North American battery energy storage systems market, and will help Aypa deliver on its next phase of growth, supported by Brookfield's differentiated operating and development competencies, procurement, commercial and capital markets capabilities. The transaction is subject to customary regulatory approvals.
Brookfield Approves Simplification of Corporate Structure
Brookfield Renewable Partners (BEP) and Brookfield Renewable (BEPC) announced that it has approved plans to simplify its corporate structure by converting BEP and BEPC into one publicly traded corporation, Brookfield Renewable Partners. Under the terms of the Simplification, upon receipt of approval from BEP unitholders, all outstanding limited partnership units of BEP, other than preferred units, will, together with certain related exchangeable securities, be exchanged on a one-for-one basis for newly issued shares of BEP. BEPC shareholders will separately be asked to approve the Simplification, pursuant to which their class A exchangeable subordinate voting shares in BEPC will be exchanged for new shares of BEP Inc. on a one-for-one basis. If BEPC shareholders vote in favor of the Simplification, the exchange can also be completed on a tax-deferred basis. If BEPC shareholders do not approve the Simplification, the BEPC exchangeable shares will remain outstanding and become exchangeable, on a one-for-one basis, for newly issued shares of BEP Inc., rather than being exchangeable for units of BEP as they are today. Following securityholder approval, Brookfield Renewable expects to complete the Simplification in the Q4. There will be no change to Brookfield's ownership of Brookfield Renewable as a result of the Simplification. BEP's preferred units and public debt will remain outstanding and unaffected by the Simplification. Torys is acting as legal advisor to Brookfield Renewable for the Simplification. Scotiabank is acting as independent financial advisor and Goodmans is acting as independent legal counsel to the nominating and governance committees of each of BEP and BEPC in connection with the Simplification.
Company Reports Q1 Revenue of $1.51B, Below Expectations
Reports Q1 revenue $1.51B, consensus $1.7B. Reports Q1 FFO 55c vs. 48c last year. "We had a strong start to the year, delivering record financial results, advancing our growth priorities and strengthening our balance sheet. The quarter was highlighted by our acquisition of Boralex, a global, listed renewable platform with a significant operating base and a large, de-risked development pipeline that complements our existing business and where we are uniquely positioned to accelerate growth and create value," said Connor Teskey, CEO. "We also continue to increase our development activities, advance key workstreams to support new nuclear deployment at Westinghouse, and scale our capital recycling strategy, agreeing to sell nearly $3B of assets this quarter alone. Growing energy demand is now occurring alongside a renewed focus on energy security. In an environment with strong demand for low-cost, quick to market, and increasingly locally sourced energy, we are well positioned to deliver sustainable long-term cash flow growth for our investors."
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