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Be the first with the news that moves the market- Brookfield Renewable (BEP) is set to buy a distributed generation development platform from NYSE-listed Exelon Generation Company (EXC)
- The platform handles around 360 megawatts of solar energy across 600 sites throughout the U.S.
- A substantial expansion of the platform is currently in the works, which would add a further 700 megawatts
- Brookfield is expected to pay around US$810 million (approximately C$1.03 billion) for the new acquisition, which is expected to close in the first half of next year
- Brookfield Renewable is currently up 0.3 per cent to $74.03 per share
Brookfield Renewable (BEP) is set to buy a distributed generation development platform from NYSE-listed Exelon Generation Company (EXC).
The platform handles around 360 megawatts of solar energy across 600 sites throughout the U.S. A substantial expansion of the platform is currently in the works, which would add a further 700 megawatts.
Brookfield is expected to pay around US$810 million (approximately C$1.03 billion) for the new acquisition, which is expected to close in the first half of next year.
Brookfield Renewable’s freshly appointed CEO, Connor Teskey, noted that the company first entered the distributed generation space in 2017, after it identified a significant opportunity to build a high-quality scale business in a rapidly growing market.
“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 2,000-megawatt portfolio that generates high-quality contracted cash flows that are diversified by geography and customer,” he added.
News of the deal has once again sent Brookfield Renewable shares upwards, rounding off a commendable year-to-date on the TSX. After shrugging off the pandemic-induced global market downturn back in March, Brookfield Renewable is currently trading around 50 per cent up on its January share price.
Much of the renewed investment interest has been centred broadly around the renewable energy sector generally, as well as Brookfield’s merger with solar and wind energy provider TerraForm Power back in July
Meanwhile, in trading today Brookfield Renewable is currently up 0.3 per cent to $74.03 per share at 12:01pm EST.
