TransAlta Renewables, Boralex among top-performing Canadian power stocks in Q4

Several of the Canadian power companies trading on Toronto stock exchanges covered by S&P Global Market Intelligence posted gains in the fourth quarter of 2020, of which nine recorded double-digit increases and one with a triple-digit increase.

Solar Alliance Energy Inc. saw its shares surge 216.7% in the fourth quarter of 2020. The company on Dec. 31, 2020, announced the appointment of CEO Michael Clark as the new chairman of the board of directors.

Solar Alliance Energy closed the fourth quarter at 10 Canadian cents per share, with a market capitalization of C$22 million.

TransAlta Renewables Inc. saw a total return of 30.1% during the quarter. The company on Oct. 30, 2020, posted third-quarter comparable EBITDA of C$96 million, rising from C$86 million in the same quarter of 2019.

It also agreed to acquire stakes in three power plants totaling 303 MW from TransAlta Corp. for C$439 million. The company closed the quarter at C$21.76, with a market capitalization of C$5.81 billion.

Boralex Inc., which saw a share price increase of 22.7%, agreed to acquire the remaining 49% interest it does not own in three wind farms in Quebec from Caisse de dépôt et placement du Québec.

During the quarter, Boralex US Solar CIA LLC also reached deals to acquire controlling interests in seven operating solar plants from Centaurus Renewable Energy LLC and other investors for C$283 million, or US$216.5 million.

Boralex closed the quarter at C$47.24, with a market capitalization of C$4.84 billion.

Capital Power Corp. posted a total return of 19.0% in the last quarter.

On Dec. 3, Capital Power unveiled plans of sustaining capital expenditures of C$80 million to C$90 million in 2021, targeting adjusted EBITDA of C$975 million to C$1.025 billion and leaving dividend growth guidance unchanged, with a 7% increase in the common share dividend.

Capital Power concluded the quarter at C$34.98, with a market capitalization of C$3.70 billion.

Brookfield Renewable Partners LP saw its stock price rise by 17.7% during the fourth quarter of 2020. The partnership's board of directors approved a 3-for-2 unit split of the partnership's outstanding units. The Toronto Stock Exchange also approved Brookfield Renewable Partners' proposal to renew its normal course issuer bid for its limited partnership units.

The partnership ended the quarter at C$54.95, with a market capitalization of C$22.4 billion.

Other companies that saw double-digit total returns in the fourth quarter include EnerDynamic Hybrid Technologies Corp., TransAlta Corp., AltaGas Ltd., Innergex Renewable Energy Inc. and Northland Power Inc.

At the other end, Just Energy Group Inc. posted a 14.0% share price decline in the fourth quarter of 2020.

The company on Nov. 11, 2020, reported fiscal second-quarter 2021 base EBITDA from continuing operations of C$32.8 million, a decrease of 33% from C$49.1 million in the same period of fiscal 2020.

Just Energy closed the quarter at C$5.97, with a market capitalization of C$286.9 million.

TC Energy Corp. saw a share price decrease of 7.4% during the period.

On Dec. 15, 2020, TC Energy agreed to acquire all of the outstanding common units of TC PipeLines LP that the corporation does not yet own. The Canadian energy infrastructure giant will exchange its common shares for the partnership's units.

Investment management firm and unit holder KORR Acquisitions Group Inc. and its affiliates, as well as investment adviser Steel City Capital Investments LLC's Steel City Capital LP, all said they plan to vote against TC Energy's proposed acquisition of TC PipeLines LP's outstanding common units the corporation does not yet own.

TC Energy closed the quarter at C$51.75, with a market capitalization of C$48.65 billion.

Also recording negative returns during the quarter were ATCO Ltd., Fortis Inc. and Synex International Inc.