Brookfield Renewable Acquires 360 MW of Distributed Solar Assets for $810 Milllion

Canada-based renewable energy investor Brookfield Renewable, along with its institutional partners, announced its entry into a definitive agreement with Exelon Generation Company.

Brookfield Renewable will acquire a distributed generation development platform comprising 360 MW of operating distributed solar assets across nearly 600 sites throughout the U.S. with an additional 700 MW in the pipeline.

The portfolio is contracted under long-term PPAs, and Brookfield Renewable intends to leverage its scale and operating and commercial capabilities to drive additional value.

Connor Teskey, chief executive officer (CEO) of Brookfield Renewable, said, “Today, we are owners of one of the leading distributed generation businesses in the U.S., with deep operating, development and origination capabilities, and an approximately 2 GW portfolio that generates high-quality contracted cash flows that are diversified by geography and customer. This investment represents the continuation of this strategy and furthers our goal of partnering with corporates and other institutions to help them achieve their decarbonization objectives.”

The total purchase price of the portfolio is expected to be approximately $810 million. The transaction is subject to customary closing conditions and is expected to close in the first half of 2021.

Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar, and storage facilities in North America, South America, Europe, and Asia, and totals over 19 GW of installed capacity and an 18 GW development pipeline.

In August 2020, Brookfield Renewable had announced that it would issue green bonds to the tune of CDN$ 425 million (~$321 million). These medium-term notes would bear an interest of 3.3% per year, due on August 13, 2050.

Emami Group, an India-based conflomerate also recently sold its solar power business to Brookfield Asset Management through a 100% stake sale in June 2020. The Emami Group had 11 MW of solar power projects in Karnataka, 10 MW at Charanka Solar Park, Gujarat, 3.3 MW of solar power project in the Ramanathapuram district of Tamil Nadu, and a 22.5 MW solar power project in the Haridwar district of Uttarakhand.


Image credit: WiNG, CC BY-SA 3.0, via Wikimedia Commons