(Bloomberg) — A global clean-energy giant that nearly doubled its shares last year through an aggressive hydropower program is angling to boost its portfolio of wind and solar assets.
Brookfield Renewable Partners LP said Monday it’s bidding to buy the shares of TerraForm Power Inc. that it doesn’t already own in a deal that values the company at around $3.9 billion. An acquisition would add more than 4,000 megawatts of wind and solar capacity globally to Brookfield’s existing 18,000-megawatt portfolio.
“It’s really a function of ‘do we feel like we can run a bigger, stronger company by simplifying the structure?’ Yes, absolutely,” said Sachin Shah, Brookfield Renewable’s chief executive officer, in an interview Monday.
Brookfield Asset Management Inc. already controls 61.5% of TerraForm’s Class A shares. The non-binding, all-share proposal values the company at $17.31 a share, representing an 11% premium to the Jan. 10 closing price, according to a statement Monday.
TerraForm’s shares rose 10.4% to $17.23 at 11:49 a.m. in New York trading while Brookfield fell 3.3% to $46.47.
When Brookfield Asset Management took control of TerraForm in 2017, the Canadian alternative-asset giant had just a half-megawatt of solar power. In making its bid to buy out TerraForm, it’s targeting more than 1,700 megawatts of added solar power. An acquisition would also boost Brookfield’s exposure to wind in North America and Western Europe.
Mark Jarvi, an analyst at CIBC, said in a note that he expects Brookfield Renewable shares may react positively to a deal, though there may not be much upside given how much shares have gained over the past 12 months.
Brookfield Renewable has been advancing a strategy of recycling capital by selling mature renewable power assets and acquiring new ones.
During the third quarter of last year, it agreed to acquire a 200-megawatt wind farm in China for $100 million with its partners. In July, it agreed to acquire a 50% interest in X-Elio, a global solar developer.
Brookfield’s unsolicited proposal comes amid two overlapping trends: mounting institutional appetite for companies that own operating clean-power plants and wavering interest for such entities from Wall Street. These winds have prompted at least a half-dozen sales of the publicly traded companies known as yieldcos in the past few years. It’s also meant that there are few yieldcos left on Wall Street.
“The power sector by its nature is capital-intensive,” Shah said by telephone. “They require a company that’s well-capitalized. Many of the yieldcos didn’t have that. Brookfield brings that to bear.”
Yieldcos became major growth engines for U.S. renewable power when they emerged more than six years ago. They allowed developers to sell solar farms to publicly-traded yieldcos they controlled and reinvest the cash to build more. Then SunEdison Inc., TerraForm’s founder, collapsed after relying on yieldcos to finance a dizzying buying binge. Questions arose about its governance, and investors began to doubt whether the yieldcos could continue to pay rising dividends.
Institutional buyers, meanwhile, see significant value in the solar and wind farms that these companies own. Such assets boast steady returns and long-term contracts with utilities.
Brookfield Renewable is “a best in class developer of long-dated renewable power and a savvy purchaser of distressed assets,” said Andrew Kuske, an analyst with Credit Suisse Group AG.
–With assistance from Natalia Kniazhevich and Scott Deveau.
To contact the reporter on this story: Brian Eckhouse in New York at email@example.com
To contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Reg Gale, Joe Ryan
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For more articles like this, please visit us at bloomberg.com” data-reactid=”36″>For more articles like this, please visit us at bloomberg.com
©2020 Bloomberg L.P.
Deadline today for B.C. health workers to be vaccinated against COVID-19 – BC News – Castanet.net
The deadline for British Columbia health-care workers to be fully vaccinated against COVID-19 is today.
The provincial health officer’s order covers doctors, nurses, students, residents, contractors, volunteers and all other health-care professionals.
Premier John Horgan says he’s hopeful that the small number of workers who are resistant to getting vaccinated will get the information they need to get their shots.
Those who don’t have their first dose of vaccine by the deadline can’t work unless they have a recognized exemption.
The order says unvaccinated workers who get their first shot before Nov. 15 can resume working seven days after the first dose, but they must wear personal protective equipment and take other precautions until they get their second shot.
The Health Ministry says 94 per cent of B.C. health workers were fully vaccinated as of Oct. 24, three per cent were unvaccinated and two per cent had one dose.
Overall, B.C. has reached an 89.6 per cent vaccination rate for first shots among eligible residents age 12 and up and 84.4 per cent have received their second dose.
Provincial health officer Dr. Bonnie Henry and Dr. Penny Ballem, the lead of the B.C. immunization rollout team, will provide an update on COVID-19 on Tuesday.
Blue Origin, Boeing reveal plan to build 'business park' space station – CBC.ca
Billionaire Jeff Bezos-owned Blue Origin on Monday unveiled plans to develop a commercial space station called “Orbital Reef” with Boeing, aiming to launch the spacecraft in the second half of this decade.
The venture will be built in partnership with Sierra Space, the spaceflight wing of defence contractor Sierra Nevada Corp, and will be backed by Redwire Space, Genesis Engineering Solutions and Arizona State University.
Orbital Reef will be operated as a “mixed use business park,” and plans to provide the infrastructure needed to scale economic activity and open new markets in space, Blue Origin and Sierra Space said.
“Seasoned space agencies, high-tech consortia, sovereign nations without space programs, media and travel companies, funded entrepreneurs and sponsored inventors, and future-minded investors all have a place on Orbital Reef,” the companies said in a statement.
.<a href=”https://twitter.com/NASA?ref_src=twsrc%5Etfw”>@NASA</a> plans on retiring the <a href=”https://twitter.com/Space_Station?ref_src=twsrc%5Etfw”>@space_station</a> at the end of the decade, but there’s still important work that needs to be done! <a href=”https://twitter.com/hashtag/OrbitalReef?src=hash&ref_src=twsrc%5Etfw”>#OrbitalReef</a> – <a href=”https://twitter.com/SierraSpaceCo?ref_src=twsrc%5Etfw”>@SierraSpaceCo</a>’s new space station, will be operational in the second half of this decade, ready for research! <a href=”https://t.co/d3LQIRneQh”>https://t.co/d3LQIRneQh</a> <a href=”https://t.co/2PalPlB9jn”>pic.twitter.com/2PalPlB9jn</a>
Sierra in April announced plans to offer the first free-flying commercial space station.
In July, Blue Origin had a successful debut space tourism flight, with Bezos and three others aboard. Earlier this month, 90-year-old Canadian actor William Shatner — Captain James Kirk of Star Trek fame — became the oldest person in space aboard a rocketship flown by Blue Origin.
Tesla stock surges as Hertz orders 100,000 electric cars – Aljazeera.com
[unable to retrieve full-text content]
- Tesla stock surges as Hertz orders 100,000 electric cars Aljazeera.com
- Hertz to buy 100,000 Teslas for its rental fleet by next year CBC.ca
- Tesla soars on Hertz deal CNBC Television
- The Hertz-Tesla Deal Will Help Normalize Electric Cars Bloomberg
- Elon Musk Makes Tesla, Hertz and Bitcoin Memes Go Up Bloomberg
- View Full coverage on Google News
Social media giants YouTube, TikTok, Snap questioned at Senate hearing over kids’ safety – Global News
Aberdeen Asia-Pacific Income Investment Company Limited Announces Timing of Re-Domiciliation, Return of Par Value and Change in Investment Policies – Yahoo Finance
Forgot to Pre-Order Your MacBook Pro? Apple Store Pickup Is Now An Option – MacRumors
Silver investment demand jumped 12% in 2019
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
Iran anticipates renewed protests amid social media shutdown
Investment13 hours ago
Is PayPal (PYPL) Still a Great Investment Choice? – Yahoo Finance
Art20 hours ago
Knitting for Guelph's Art Not Shame: 3 things to know about the organization and fundraiser – GuelphMercury.com
Business13 hours ago
Analysis: Capitol Hill drug pricing reform opponents among the biggest beneficiaries of pharma funds
News14 hours ago
Air Canada introduces COVID self-testing option for customers – Global News
Health18 hours ago
Manitobans can now get federal proof of COVID-19 vaccination for travel – Winnipeg Free Press
Investment12 hours ago
Saudi Arabia to set up investment fund for carbon capture – Aljazeera.com
Health13 hours ago
Exclusive: African Union to buy up to 110 million Moderna COVID-19 vaccines – officials
Media23 hours ago
Sir David Amess: Priest quits social media over MP last rites abuse – BBC News