Shares of Brookfield Renewable (BEPC 0.09%) rallied 16.6% in November, according to data provided by S&P Global Market Intelligence. Meanwhile, its economically equivalent twin, Brookfield Renewable Partners (BEP 0.19%), surged 18.2%. That was a nice bounce-back month for the Brookfield entities, which fell sharply in late September on concerns that higher interest rates might slow their growth. Those concerns faded last month after the company highlighted its growth opportunities.

Powerful growth, regardless of interest rates

Rising interest rates have weighed on the renewable energy sector this year. They've made it more expensive for some companies to finance new projects. That could slow the sector's growth. This factor has weighed on Brookfield Renewable's shares this year, especially after one of its peers, NextEra Energy Partners, slammed the brakes on its dividend growth forecast.

CEO Connor Teskey wrote about the factors contributing to the decline in the company's share price in his third-quarter letter to investors. He noted:

The renewables sector traded down in the public markets on the back of higher interest rates and a perceived tightening of industry margins. Even though we are well positioned to benefit in this environment, and insulated from the challenges that are seemingly impacting others in our sector, we have not been immune to the lower market prices. And while we are never pleased when our share price is down, we are long-term focused investors and we believe the outlook for our business is better than ever.

That's evident in its third-quarter results and outlook for the future. Brookfield's funds from operations (FFO) increased by 7% in the third quarter and is on track to grow by more than 10% this year. It's benefiting from strong organic growth drivers and acquisitions. The company recently completed several deals, which will boost its bottom line in 2023 and 2024.

Meanwhile, it's seeing no shortage of acquisition opportunities. While one needle-moving deal is on the verge of falling apart, Teskey noted in a press release acknowledging that situation that "We are seeing plentiful opportunities to deploy capital at or above our target returns, as demand for clean power from corporations continues to accelerate and access to capital is becoming increasingly scarce for some market participants." In other words, while lower interest rates might be slowing others down, it's providing Brookfield with more growth opportunities.

Is Brookfield Renewable still a buy after its big month?

Despite all the volatility, Brookfield Renewable's share price is only down slightly this year. However, when you add in its more than 10% earnings growth, the stock has gotten a lot cheaper. With even more growth ahead (including plans to continue increasing its 6.8%-yielding dividends), Brookfield Renewable should have the power to produce market-beating returns in the coming years. Because of that, it still looks like a buy, even after last month's rebound.