September 29 (Renewables Now) - Brookfield Renewable Partners LP (NYSE:BEP) said on Thursday that it will invest up to USD 2 billion (EUR 2.05bn) to acquire two firms with sizable renewable energy portfolios in the US.
The company said it had agreed to pay USD 1 billion to acquire Boulder, Colorado-based renewables developer Scout Clean Energy with the potential to invest USD 350 million more to support the target’s development activities.
Scout is said to have a portfolio that includes over 1,200 MW of operating wind farms, among them 400 MW managed on behalf of third parties. It also has a pipeline with over 22,000 MW of wind, solar and storage projects across 24 US states, including almost 2,500 MW of under construction and advanced-stage projects.
The second transaction was announced as closed, with Brookfield Renewable acquiring Maryland-based company Standard Solar for USD 540 million. There is also potential to invest an additional USD 160 million to support the firm’s growth initiatives, the buyer said.
Standard Solar owns and operates commercial and community distributed solar farms, and has some 500 MW in operation and under construction. Its development pipeline stands at almost 2,000 MW.
Following the acquisition, Scout and Standard Solar will remain independent and operate as businesses within the Brookfield Renewable US platform.
Brookfield will make the investments through its Brookfield Global Transition Fund I, which recently raised USD 15 billion to finance opportunities in the energy transition space.
(USD 1.0 = EUR 1.027)