Brookfield Renewable Expands Its Investment Universe With Carbon Capture Investment

We maintain our $34 (CAD 44) fair value estimate for Brookfield Renewable following its first-quarter results. Brookfield Renewable posted first-quarter funds from operations that were flat year on year on a reported basis (up 18% on a normalized basis) as weaker production at high-value hydro facilities weighed on reported results. We place little emphasis on quarterly variations within its hydro portfolio as we expect these to balance out over time.