Brookfield Renewable Partners LP (TSX:BEP)
Shares Issued 275,243,332
Last Close BEP.UN 9/29/2022 $42.24
Friday September 30 2022 - In the News
The Globe and Mail reports in its Friday edition that Brookfield Renewable Partners LP 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. A Reuters dispatch to The Globe quotes Brookfield saying that 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 $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 in a statement. Brookfield Renewable, a unit of Brookfield Asset Management, said it could also invest $350-million and $160-million in Scout and Standard Solar, respectively. Brookfield Renewable closed Thursday at $21.62, down one cent.