Shares of Brookfield Renewable (BEP 1.67%) (BEPC 1.67%) 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.
Brookfield also announced plans to split its stock last month. It intends to complete a 3-for-2 split for both entities. The company expects to complete the transaction on Dec. 11. It will be Brookfield's second split this year, as it used that method to create Brookfield Renewable Corporation this summer.
In addition to those company-specific catalysts, Brookfield Renewable also benefited from last month's stock market rally powered by the election outcome and positive data on COVID-19 vaccines. The election could have a greater impact on Brookfield Renewable, given President-elect Biden's pro-renewable stance. He could push for legislation that adds more power to further accelerate the country's shift toward renewable energy.
Brookfield Renewable continued its rapid rise last month. While the renewable energy producer trades at a premium price, it still looks like a solid long-term buy, given its growth prospects.