Thursday, May 19 2022 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of May 16
Week of May 09
Week of May 02
Week of Apr 25
Week of Apr 18
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Brookfield Renewable to triple US pipeline with USD-650m Urban Grid buy

    January 27, 2022 - SeeNews Renewables


      January 27 (Renewables Now) - Brookfield Renewable (NYSE:BEP, BEPC; TSX:BEP.UN), the renewables arm of Canada's Brookfield Asset Management (NYSE:BAM), has acquired US solar-plus-storage developer Urban Grid for USD 650 million (EUR 576.4m), thus increasing threefold to 31 GW its pipeline of US projects.

      The transaction is supported by Brookfield Renewable's institutional partners, a statement showed on Wednesday.

      Through the deal, Brookfield Renewable is gaining 13 GW of utility-scale solar and 7 GW of co-located and standalone energy storage projects under development spanning 12 US states.

      Founded in 2020, Richmond, Virginia-headquartered Urban Grid has about 2 GW of under-construction or ready-to-build solar PV projects, along with another 4 GW of de-risked advanced stage buildout opportunities. The acquired company's renewable projects cover key US markets, among which the mid-Atlantic, the Midwest and the Southeast. The business sold its first solar projects of 240 MW in total to Dominion Energy in 2018.

      Urban Grid, which has been backed by UK renewables investor Susgen since 2016, will retain its brand name and continue as an independent power producer (IPP), the buyer said.

      Brookfield Renewable operates hydroelectric, wind, solar and storage facilities in North and South America, Europe and Asia. Its portfolio is accessible to investors through Bermuda-based Brookfield Renewable Partners LP (NYSE:BEP; TSX:BEP.UN) as well as Canada's Brookfield Renewable Corporation (NYSE, TSX:BEPC). The renewable power platform boasts 21 GW of installed capacity and a development pipeline of around 56 GW.

      (USD 1 = EUR 0.887)


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.