Why Brookfield Renewable Stock Surged More Than 17% in November
Shares of Brookfield Renewable (NYSE: BEP)(NYSE: BEPC) continued surging in November. Brookfield Renewable Partners rallied 17.2%, while Brookfield Renewable Corporation jumped 18.5%, according to data provided by S&P Global Market Intelligence. Several factors powered the renewable energy giant, including its strong third-quarter results, the U.S. election, and a string of positive data on COVID-19 vaccines. With last month's rally, Brookfield Renewable Partners has now rocketed 60% in 2020, while its newly formed corporation is up 72% since its spinoff this summer.
Brookfield Renewable generated excellent third-quarter results. The renewable energy giant's normalized funds from operations (FFO) surged more than 28% on a per-share basis, powered in part by the company's acquisition of the rest of TerraForm Power that it didn't already own. The company also continued to secure additional investments during the period, investing a net $250 million into new transactions and unveiling its intention to privatize Polenergia, a large-scale renewable energy business in Europe.
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Source Fool.com
