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Guggenheim starts Brookfield Renewable coverage

Guggenheim Securities LLC has launched coverage ofBrookfield Renewable EnergyPartners LP with a "neutral" rating.

"The main difference between BEP and other Yieldcosunder our coverage is that it does not need to tap equity markets to financeits organic growth," Guggenheim analyst Sophie Karp wrote in a May 3report. "Our model assumes no equity issuances for the developmentactivities, which we think will generate 6% dividend growth in 2017-2018 off a2016 base that is poised to benefit from the recent of Isagen."

The partnership on May 4 recorded a $117 million year-over-year increase infirst-quarter adjusted EBITDA to $455 million.