Brookfield Renewable Corp (TSX:BEPC)
Shares Issued 172,203,342
Last Close 1/25/2022 $40.34
Wednesday January 26 2022 - News Release
Mr. Jonathan Crawford reports
BROOKFIELD RENEWABLE ACQUIRES PREMIER RENEWABLE DEVELOPER URBAN GRID, ADDING APPROXIMATELY 20,000 MEGAWATTS OF SOLAR AND ENERGY STORAGE PROJECTS IN THE U.S.
Brookfield Renewable Corp., together with its institutional partners, has acquired clean power developer Urban Grid and its high-quality pipeline of projects comprising approximately 13,000 megawatts of utility-scale solar and 7,000 megawatts of energy storage capacity for $650-million. The addition of Urban Grid's projects approximately triples Brookfield Renewable's U.S. development pipeline to approximately 31,000 megawatts of capacity, making it one of the largest renewable developers in the country. All amounts in U.S. dollars unless otherwise indicated.
Urban Grid, which will continue under the Urban Grid brand name as an independent power producer (IPP), boasts a strong development platform and a robust pipeline of advanced-stage renewable projects across key markets in the United States including the mid-Atlantic, Midwest and Southeast. It has nearly 2,000 megawatts of under-construction or ready-to-build solar projects, with an additional 4,000 megawatts of derisked advanced-stage buildout opportunities.
Founded in 2010, Urban Grid has established a reputation for expertise in taking utility-scale solar and energy storage projects through the full development process, from site acquisition through to interconnection, permitting and commercialization. Working with Urban Grid's team of dedicated professionals, Brookfield Renewable will leverage its deep operating and commercial capabilities to optimize the value of Urban Grid's development pipeline.
"The joining together of our outstanding teams and adding Urban Grid's high-quality pipeline of clean energy projects presents an exceptional opportunity for Brookfield Renewable to further establish itself as the leading renewable energy provider in the country," said Mitch Davidson, chief executive officer of Brookfield Renewable's U.S. business. "Urban Grid's team not only deepens our development capabilities, but it also provides strategic access to key U.S. markets, serving as the perfect catalyst to accelerate Brookfield Renewable's growth."
"Brookfield Renewable is the right home for Urban Grid. Our exceptional team and extraordinary portfolio combine to complement and expand Brookfield's U.S. development operations, and this move enables the next phase of growth for our organizations," said Frank DePew, president and chief executive officer of Urban Grid. "Furthermore, Brookfield's collaborative culture and entrepreneurial spirit match our DNA. With enormous pride and gratitude, I look forward to leading Urban Grid as part of Brookfield to make a meaningful contribution towards achieving a clean energy future."
Nomura Greentech acted as Urban Grid's exclusive financial adviser and Orrick, Herrington & Sutcliffe LLP served as Urban Grid's legal adviser. Sidley Austin LLP served as legal adviser to Brookfield Renewable.
Solar megawatts are presented on a DC (direct current) basis and storage megawatts are presented on an AC (alternating current) basis.
About Brookfield Renewable Corp.
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 21,000 megawatts of installed capacity and an approximately 56,000-megawatt development pipeline.
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