Brookfield Renewable ploughs $1.54 bln in buyouts to boost clean-energy portfolio

Brookfield Renewable

29/09/2022 14:44

Sept 29 (Reuters) - Brookfield Renewable Corp  BEPC.N 
on Thursday disclosed acquisition of two clean power companies
for about $1.54 billion as the alternative energy investor seeks
to expand its renewables portfolio.
    Brookfield said it would acquire Scout Clean Energy from
investment manager Quinbrook Infrastructure Partners for $1
billion, while it had closed the buyout of Standard Solar for
about $540 million.
    This comes a month after the passage of the $430-billion
Inflation Reduction Act, seen as the biggest climate change
package in U.S. history, which has led to increased dealmaking
in the renewables sector as it provides substantial tax credits
for up to a decade.
    "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,"
Brookfield Renewable Chief Executive Officer Connor Teskey said.
    Brookfield Renewable, a unit of Brookfield Asset Management
Inc  BAM.N , said it could also invest $350 million and $160
million in Scout and Standard Solar, respectively.
    Colorado-based Scout's portfolio includes over 1,200
megawatts (MW) of operational wind assets, and a pipeline of
over 22 GW of wind, solar and storage projects across 24 states,
including almost 2,500 MW of under construction and late-stage
projects.
    Maryland-based Standard Solar has about 500 MW of
operational and under-construction assets and a development
pipeline of almost 2,000 MW.
    Bermuda-based Brookfield owns and operates an almost 65 GW
diversified portfolio of renewables in the U.S. and has invested
or allocated $3.5 billion to the North American clean energy
sector this year.
 (Reporting by Ankit Kumar and Ruhi Soni;
Editing by Vinay Dwivedi)
 ((Ankit.Kumar2@thomsonreuters.com;))