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)