If you’re looking for a high-quality dividend stock on sale, Brookfield Renewable Partners (TSX: BEP.UN) deserves your attention. The TSX stock is down roughly 34% from its peak, yet the underlying business has never been stronger.
This is a rare chance to buy a global clean energy titan at a meaningful discount and get paid a growing distribution while you wait for the market to catch on.
Let’s get into why this TSX dividend stock looks like one of the best buys in March 2026.
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The TSX stock continues to grow
In 2025, Brookfield Renewable posted funds from operations of US$1.3 billion, or US$2.01 per unit, a 10% increase year-over-year. Comparatively, it pays shareholders an annual dividend of US$1.57 per unit, which indicates a payout ratio of less than 80% and a yield of over 5%.
BEP also commissioned a record ~8,000 megawatts of new generation capacity globally in 2025. That’s more than double what it delivered just three years earlier. Management expects to reach a run rate of roughly 10,000 megawatts per year by 2027.
On the dividend side, Brookfield Renewable raised its annual distribution by over 5%. That’s the 15th consecutive year of at least 5% annual distribution growth since the company was publicly listed in 2011.
For years, new renewable energy investment was mostly about replacing old, carbon-heavy power plants in a world where electricity demand was barely growing. That’s no longer the case.
Electricity demand is now rising at a pace not seen in decades. The causes are clear: the rapid expansion of artificial intelligence data centres, the electrification of transportation and heating, and a resurgence of industrial activity across North America and Europe.
As Brookfield Renewable Chief Executive Officer Connor Teskey put it on the company’s Q4 2025 earnings call, “We have shifted from a period focused on energy transition to a period focused on energy addition.”
Energy addition means the world needs a lot more new power generation, not just cleaner replacements. And Brookfield Renewable is one of the few companies in the world with the scale, capital, and development capabilities to actually deliver it.
A growing portfolio
Brookfield Renewable isn’t a one-trick pony.
- Its portfolio spans hydroelectric, wind, solar, battery storage, and nuclear services through its ownership stake in Westinghouse Electric.
- On the hydro side, the company signed three 20-year power purchase agreements with large technology companies in 2025, a first for its hydro portfolio.
- It also signed a framework agreement with Google to deliver up to 3,000 megawatts of hydro generation in the United States. These are long-term, inflation-linked contracts that lock in strong pricing for decades.
- Brookfield Renewable expects to quadruple its battery storage capacity over the next three years to more than 10,000 megawatts.
- And through Westinghouse, the company is now directly tied to a landmark agreement with the U.S. government to deploy new nuclear reactors using Westinghouse’s AP1000 technology.
- The financial benefits extend not just through construction but also through fuel and maintenance services over the 80-plus-year life of those reactors.
Brookfield Renewable ended 2025 with US$4.6 billion in available liquidity and reaffirmed its BBB+ investment-grade credit rating. During the year, it completed over US$37 billion in financings, a company record.
BEP generated a record US$4.5 billion in asset-recycling proceeds by selling mature assets at strong returns and redeploying that capital into higher-growth opportunities.
In early 2026, the company agreed to sell a two-thirds stake in a large portfolio of recently built wind and solar assets in North America for approximately US$860 million, with a framework in place for an additional US$1.5 billion of potential future sales to the same buyers.
Brookfield is a machine that generates capital, recycles it efficiently, and redeploys it into more growth. That cycle is what makes the 12% to 15% long-term total return target credible, not just aspirational.
The Foolish takeaway
A 34% pullback on a business with 15 consecutive years of dividend growth, record FFO, a US$4.6 billion liquidity cushion, and exposure to one of the most powerful demand trends in a generation is a gift. Brookfield Renewable Partners is a solid buy in March 2026.
