Home Energy assets Brookfield Renewable invests $1.54 billion in buyouts to boost its clean energy portfolio

Brookfield Renewable invests $1.54 billion in buyouts to boost its clean energy portfolio

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Sept 29 (Reuters) – Brookfield Renewable Corp (BEPC.N) on Thursday announced the acquisition of two clean energy companies for around $1.54 billion as the alternative energy investor seeks to expand its portfolio of renewable energies.

Brookfield said it would acquire Scout Clean Energy from investment manager Quinbrook Infrastructure Partners for $1 billion, while it completed the takeover of Standard Solar for about $540 million.

It comes a month after the passage of the $430 billion Cut Inflation Act, billed as the biggest climate change package in US history, which led to an increase in transactions in the renewable energy sector, as it offers substantial tax credits for up to a decade.

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“We underwrote both transactions without the benefit of the Cut Inflation Act, so the additional incentives now available represent a significant boost for every business,” said Connor Teskey, CEO of Brookfield Renewable.

Brookfield Renewable, a unit of Brookfield Asset Management Inc, said it may also invest $350 million and $160 million in Scout and Standard Solar, respectively.

Colorado-based Scout’s portfolio includes more than 1,200 megawatts (MW) of operational wind assets and a pipeline of more than 22 GW of wind, solar and storage projects in 24 states, including nearly 2,500 MW of projects under construction and at an advanced stage.

Standard Solar, based in Maryland, has approximately 500 MW of operational and construction assets and a development pipeline of nearly 2,000 MW.

Bermuda-based Brookfield owns and operates a diversified renewable energy portfolio of nearly 65 GW in the United States and has invested or allocated $3.5 billion in the North American clean energy sector this year.

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Reporting by Ankit Kumar and Ruhi Soni; Editing by Vinay Dwivedi

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