Brookfield Renewable Announces 1200 MW Solar Project in Brazil

Brookfield Renewable Partners has entered into a binding agreement to acquire a 1200 MW advanced solar development project in Brazil

Brookfield Renewable Partners, alongside its institutional partners, has announced that it has entered into a binding agreement to acquire a 1200 MW advanced solar development project in Brazil, which will be targeted for completion in early 2023.

Approximately 75 percent of the project is contracted under long-term inflation-linked power purchase agreements, and Brookfield Renewable intends to leverage its deep power marketing expertise to contract the remaining generation prior to beginning construction. The total equity required to complete the project is expected to be approximately USD 200 million.

“This acquisition represents a unique opportunity to invest in one of the largest solar development projects globally,” said Sachin Shah, CEO of Brookfield Renewable. “This investment aligns with our ongoing strategy of acquiring late-stage development projects at attractive valuations and leveraging our construction and energy marketing capabilities and longstanding experience to achieve attractive returns. 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 decarbonisation of global electricity grids.”

The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2020.

Brookfield Renewable Partners 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 19,000 megawatts of installed capacity and a 15,000-megawatt development pipeline.

In March, we had reported that Brookfield Renewable Partners and TerraForm Power had entered into a definitive merger agreement for Brookfield Renewable to acquire all of the outstanding shares of Class A common stock of TerraForm Power, other than the approximately 62 percent currently owned by Brookfield Renewable and its affiliates.