- Brookfield Renewable (BEP.UN) has agreed to acquire Scout Clean Energy for $1 billion and Standard Solar for $540 million
- Both Scout and Standard Solar will continue to operate as independent businesses within the Brookfield Renewable U.S. platform
- Scout Clean Energy is a renewable energy developer and owner-operator headquartered in Boulder, Colorado
- Standard Solar is a national leader in the development, funding and long-term ownership and operation of commercial and community solar assets
- Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms
- Brookfield Renewable Partners L.P. (BEP.UN) is down 1.91 per cent on the day, trading at 31.38 per share at 1 pm ET
Brookfield Renewable (BEP.UN) has agreed to acquire Scout Clean Energy for $1 billion, with a potential additional investment of $350 million.
Scout’s portfolio includes over 1,200 MW of operating wind assets, including 400 MW managed on behalf of third parties, and a pipeline of over 22,000 MW of wind, solar and storage projects across 24 states, including almost 2,500 MW of under construction and advanced-stage projects.
Brookfield Renewable also closed its acquisition of Standard Solar for $540 million with the potential to invest an additional $160 million to support the business’ growth initiatives. Standard Solar owns and operates commercial and community distributed sola. Standard Solar has approximately 500 MW of operating and under construction contracted assets and significant growth opportunities across several high-value solar markets in the U.S., such as New York, Maryland, Minnesota and Maine.
Both Scout and Standard Solar will continue to operate as independent businesses within the Brookfield Renewable U.S. platform.
Connor Teskey, CEO of Brookfield Renewable, commented on the news.
“We are thrilled to be putting more dollars to work in our U.S. renewables business. We underwrote both transactions without the benefit of the Inflation Reduction Act, so the additional incentives now available represent a significant boost to each business. Our development pipeline in the United States is now close to 60,000 MW and is well diversified across wind, utility-scale solar, distributed generation, and energy storage. Combined with our existing fleet, we are well positioned for continued growth as owners and operators of one of the largest diversified clean power businesses in the country.”
Michael Rucker, CEO and founder of Scout Clean Energy, added,
“Scout is pleased to be sponsored going forward by an industry-leading partner to help Scout continue to grow our rapidly expanding pipeline of wind, solar and battery storage projects across the United States. With the recent passage of the Inflation Reduction Act, we believe now is the right time for Scout to move into our next phase of expansion with a highly respected and experienced partner, like Brookfield Renewable.”
Scott Wiater, President & CEO of Standard Solar, commented on the acquisition.
“Through this acquisition, which provides additional large-scale access to capital, Standard Solar is poised for massive growth, enabling us to contribute in an even more significant way to the clean energy transition. We’re looking forward to joining the Brookfield Renewable portfolio, one of the world’s largest renewable energy platforms. Our two companies share a mutual passion for renewables and company cultures that recognize and amplify excellence and equity – we are the ideal match.”
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 approximately 24,000 MW of installed capacity and an approximately 100,000 MW development pipeline.
Scout Clean Energy is a renewable energy developer and owner-operator headquartered in Boulder, Colorado, with approximately 1,200 MW of operating wind assets, including 400 MW managed on behalf of third parties, and a pipeline of over 22,000 MW of wind, solar and storage projects across 24 states.
Standard Solar is a national leader in the development, funding and long-term ownership and operation of commercial and community solar assets.
Brookfield Renewable Partners L.P. (BEP.UN) is down 1.91 per cent on the day, trading at 31.38 per share at 1 pm ET.
