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Be the first with the news that moves the market- Brookfield Renewable Partners (BEP.UN) is adding an advanced solar development project in Brazil to its portfolio of green energy assets
- Once the acquisition completes, Brookfield intends to secure the project’s remaining power purchase agreements, ahead of construction
- The site is targeting a 2023 completion and is expected to generate 1,200 megawatts of energy
- This latest acquisition is part of the company’s overall strategy of obtaining late-stage development projects, which it can then accelerate to profitability
- Brookfield Renewable Partners (BEP.UN) is up 0.15 per cent and is trading at C$75.80 per share
Brookfield Renewable Partners (BEP.UN) is adding an advanced solar development project in Brazil to its portfolio of green energy assets.
Around 75 per cent of the project is currently contracted into long-term inflation linked power purchase agreements. Once the acquisition finalises, Brookfield intends to secure the remaining 25 per cent, ensuring sufficient demand ahead of construction.
The site is targeting a 2023 completion and is expected to generate 1,200 megawatts of energy.
The acquisition is part of the company’s overall strategy of acquiring late-stage development projects. Once acquired Brookfield is able to leverage its construction and energy marketing capabilities to accelerate returns.
The project is expected to cost a further C$200 million to bring it through construction and into operational readiness.
Sachin Shah, CEO of Brookfield Renewable, said the acquisition represents a unique opportunity to invest in one of the largest solar development projects in the world.
“More broadly, the investment further enhances our technologically diverse 15,000 megawatt global development pipeline and continues to position Brookfield Renewable as a global leader in renewable power investing and a partner to governments and businesses in the decarbonization of global electricity grids,” he added.
A branch of the investing giant Brookfield Asset Management, Brookfield Renewable Partners owns a portfolio a hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia.
Excluding the company’s aforementioned 15,000-megawatt development pipeline, Brookfield Renewable Partners currently manages more than 19,000 megawatts of installed capacity.
Brookfield Renewable Partners (BEP.UN) is up 0.15 per cent and is trading at C$75.80 per share at 12:49pm EDT.
