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Northland Power Inc. (NPI)
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Boralex Inc. Class A Shares (BLX)
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Brookfield Renewable Corporation Class A Exchangeable Subordinate Voting Shares (BEPC)
Thanks,
Mike
BEPC is the largest of the three and its portfolio consists of approx 21,000 MW of capacity and nearly 6,000 generating facilities. Nearly 62% of its portfolio focuses on hydroelectric power, with the remainder in wind, solar, and distributed generation. Management aims to deliver long-term annualized total returns of 12%-15%, including annual distribution increases.
NPI focuses on offshore wind (60% of portfolio) in Asia and Europe, with an aggregate capacity of 3,018 MW, with another ~3,500 MW in development. The remainder of the capacity comes from Solar (25%), the other 10%, and onshore wind 5%.
BLX has a capacity of 3,000 MW, with another 6,000 MW in development. Nearly 82% of generated energy comes from wind, 10% from solar, and the rest from hydro. The aim is to expand the portfolio to have a split of 45-45% between wind and solar and another 10% in battery storage.
If we had to pick one, we would side with BEPC given the size, ability to move contracts, relatively stronger cash flow profile, and track record.