Brookfield Renewable Partners LP (BEP) faces "no signs of slowing down," as the company highlighted structurally undersupplied power markets, with accelerating demand extending beyond artificial intelligence and data centers, RBC Capital Markets said in a Tuesday research note following investor meetings with management.

RBC said management reiterated that electricity supply constraints, not demand, are the primary bottleneck to economic growth, and that even in a slower AI scenario, power markets would remain tight. The firm also highlighted expanding opportunities in nuclear energy through Westinghouse, in which BEP owns an 11% stake, as well as rapid growth in battery storage that represents roughly 20% of the development pipeline.

The company's management pointed to a shift toward a more programmatic capital recycling model, with committed institutional partners helping de-risk funding for the next three to five years while supporting a self-funded growth strategy, RBC noted.

The firm maintained its outperform rating and $35 price target, based on 16.5x its 2026 earnings before interest, taxes, depreciation, and amortization estimate, citing BEP's largely contracted portfolio, hydro exposure and track record of capital deployment.

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