What happened

After holding up pretty well through July, shares of Brookfield Renewable Partners (BEP -0.91%) are feeling the heat this month. Units of the partnership fell 9% at its lowest point in trading this week, and although shares were gaining some ground Friday after earnings, the renewable energy stock was still down about 8% through noon Friday, according to data provided by S&P Global Market Intelligence.

So what

Brookfield Renewable stock took a hit this week after Reuters  reported the company is being probed by Britain's competition regulator for its upcoming Westinghouse Electric acquisition in partnership with uranium company Cameco (CCJ -5.80%). Brookfield Renewable and Cameco struck a deal to acquire the nuclear services giant for $7.9 billion last year and expect to close the acquisition this year. Reuters, however, said Britain's Competition and Markets Authority is investigating the deal and has sought "comments" from the potential acquirers.

Brookfield Renewable expects to pay $750 million for the deal for a 17% stake in Westinghouse. Together with its institutional partners though, Brookfield Renewable will own a 51% interest in the nuclear services company, while Cameco will own the remaining share. The deal is expected to give Brookfield Renewable significant headway into the nuclear energy industry, Nuclear is considered to be a clean energy source and currently accounts for almost 10% of the electricity generated globally, according to the International Energy Agency.

Any regulatory hurdle to such a big acquisition, therefore, is bound to spook the markets. Brookfield Renewable shareholders, however, needn't worry much as Cameco told Reuters the probe is only a part of the standard regulatory approval process. Meanwhile, Brookfield Renewable continues to deliver where it matters, as evidenced by its quarterly numbers that came out Friday morning.

Now what

Brookfield Renewable reported 10% growth in its funds from operations (FFO) for the second quarter and had liquidity worth $4.5 billion as of the end of Q2. While the renewable energy giant continued to advance its pipeline of projects in hydropower, solar, and wind energy, one of the biggest highlights of the quarter was its announcement to acquire Duke Energy Renewables. The acquisition is expected to add " at least" 3% to Brookfield Renewable's FFO in 2024. And aside from Westinghouse Electric and Duke Energy Renewables, Brookfield Renewable has two other acquisitions in the pipeline -- X-Elio and Origin.

Its consistent FFO growth should support Brookfield Renewable's dividend growth, making it a stock worth buying on any dip -- even this week's.