21:03:26 EDT Wed 24 Apr 2024
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or Name
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Brookfield Asset Management Inc
Symbol BAM
Shares Issued 989,860,787
Close 2018-01-16 C$ 53.05
Market Cap C$ 52,512,114,750
Recent Sedar Documents

Globe/wire say Brookfield cools growth at TerraForm

2018-01-17 09:09 ET - In the News

The Globe and Mail reports in its Wednesday edition that since Brookfield Asset Management acquired a controlling stake in October, TerraForm Power is less reliant on acquisitions to achieve growth. A Bloomberg dispatch to The Globe says that was the way of previous owner SunEdison, the clean-energy giant that flamed out in the biggest U.S. bankruptcy of 2016 after a multicontinent buying binge. Brookfield is taking a more conservative approach, one that is more in line with its own strategy of predictable and steady growth. That includes setting a lower but realistic dividend target, using employees instead of contractors, moving the headquarters to New York and finding ways to boost the output -- and value -- of operating power plants. "We want to imbue it with the culture of Brookfield," John Stinebaugh, TerraForm's chief executive officer, told Bloomberg. A key shift is the dividend. Brookfield expects to deliver dividend growth of 5 per cent to 8 per cent a year for TerraForm shareholders. That is lower than company's 15- to 18-per-cent target when it operated under SunEdison. Brookfield agreed in March, 2017, to take a 51-per-cent stake in TerraForm Power and all of sister company TerraForm Global.

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