However, the company has a proven track record of supplementing its internal growth initiatives with external investments that enhance its ability to increase cash flow. The company has invested $3.3 billion on these external growth initiatives since 2013, which has enabled it to grow cash flow at a higher rate. That trend should continue with the investment in TransAlta. That's because Brookfield Renewable will initially benefit from the interest payments on the exchangeable securities (and then the direct cash flows from the hydro assets upon conversation) as well as additional dividends from TransAlta. Meanwhile, over the longer term, it should profit from the increase in value from its investment in the hydro assets as well as its expanded stake in TransAlta.