M&A Deal Flow Frenzy For Brookfield Renewable Partners – Between The Lines

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M&A Deal Flow Frenzy For Brookfield Renewable Partners – Between The Lines

What’s The Event?

Key Trading Themes (see Item Of The Week, page 2)
– BEP.UN and partners have been busy pursuing multiple opportunistic acquisitions. In
addition to TERP, slated to close October 16, and advancing on GLBL, the consortium
has been linked to acquiring stakes in Renova Energia S.A. and Atlantica Yield Plc,
which we view as on strategy and supporting BEP.UN’s 5%-9% distribution growth
target.

Recent Developments (see page 4)
– TransCanada terminated its Energy East project due to changed regulatory
requirements and project economics. We think the implications of the NEB’s decision
for the sector generally are more impactful than company-specific factors.
– Keyera announced a 20-year area dedication agreement with Chevron Canada,
covering 50% of NGLs from 230,000 acres in the Kaybob region of the Duvernay.