This 4%-Yielding Dividend Stock Stomps on the Accelerator
Coming into this year, Brookfield Renewable (NYSE: BEP)(NYSE: BEPC) had already secured and funded enough growth drivers to increase its funds from operations (FFO) per share by at least 8% annually through 2027. However, that didn't stop the renewable energy behemoth from putting the peddle to the proverbial metal and securing new opportunities.
The company recently unveiled its latest deal, agreeing to buy Duke Energy's (NYSE: DUK) commercial renewable energy business for $2.8 billion. The acquisition will boost its bottom line by another 3% next year alone. That will give the decarbonization leader even more power to continue growing its attractive 4%-yielding dividend.
Brookfield Renewable and its partners have agreed to buy Duke Energy Renewables. The Brookfield group will pay $1.05 billion in equity (including $265 million funded by Brookfield Renewable), putting the businesses' enterprise value at $2.8 billion, including non-controlling tax equity interests and the assumption of debt. The sale will enable Duke Energy to strengthen its balance sheet, giving it additional flexibility to fund its investments to enhance grid reliability and incorporate the 30 GW of renewables it's planning to add in support of its regulated electric utilities by 2035.
Source Fool.com
