From those looking to strengthen their passive income streams with a reliable high-yield dividend stock to those eager to increase their green energy exposure, Brookfield Renewable (BEPC -0.70%) (BEP -0.26%) is a name that has likely come across many investors' radars.

Of course, neither Brookfield Renewable's popularity nor its attractive dividend, which currently offers a 4.3% forward yield, is enough reason to click the buy button. It's critical to put the stock under the microscope and investigate Brookfield Renewable's financial situation further, so let's take a look at how much exactly the company plans on returning to investors this year in the form of dividends.

Operating green energy assets helps the company return green to investors in the form of dividends

A leading green energy producer, Brookfield Renewable operates a massive portfolio of global assets -- solar, wind, hydropower, and energy storage -- that totals about 37 gigawatts (GWs) of generating capacity. Customers sign long-term power purchase agreements to buy this power, providing management with substantial insight into future cash flows. This affords it the luxury of planning accordingly for capital expenditures, ranging from the $7 billion to $8 billion of growth projects in its pipeline that it plans to advance over the next five years to paying dividends.

Investors have two options to gain exposure to Brookfield Renewable -- by buying shares of Brookfield Renewable or Brookfield Renewable Partners which trade under the stock tickers BEPC and BEP, respectively. The company returns the same amount to investors regardless of which ticker investors choose, and in 2024, moreover, the company expects to return about $656.1 million in total for the common stock and units of the two tickers. With Brookfield renewable having paid investors $0.355 per share each quarter during the first three quarters of the year, that's likely to work out to about $1.42 per share in total for 2024.

Don't let the high yield spook you

While some investors leap at high-yielding dividends, others take a more circumspect approach, fearing that the company may be in financial distress. That's hardly the case with Brookfield Renewable, though, which has an investment-grade balance sheet. With the company projecting ongoing annual dividend growth of 5% to 9%, this is one passive income opportunity that investors shouldn't pass up so quickly.