All amounts in US dollars unless otherwise indicated
BROOKFIELD: Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) (“Brookfield Renewable”), alongside its institutional partners, today announced that it has entered into a binding agreement to acquire a 1,200 MW advanced solar development project in Brazil, which will be targeted for completion in early 2023.
Approximately 75% of the project is contracted under long-term inflation-linked power purchase agreements, and Brookfield Renewable intends to leverage its deep power marketing expertise to contract the remaining generation prior to beginning construction. Total equity required to complete the project is expected to be approximately $200 million.
“This acquisition represents a unique opportunity to invest in one of the largest solar development projects globally,” said Sachin Shah, CEO of Brookfield Renewable. “This investment aligns with our ongoing strategy of acquiring late-stage development projects at attractive valuations and leveraging our construction and energy marketing capabilities and longstanding experience to achieve attractive returns. More broadly, the investment further enhances our technologically diverse 15,000 megawatt global development pipeline and continues to position Brookfield Renewable as a global leader in renewable power investing and a partner to governments and businesses in the decarbonization of global electricity grids.”
The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2020.
Brookfield Renewable Partners
Brookfield Renewable Partners operates one of the world’s largest publicly traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals over 19,000 megawatts of installed capacity and a 15,000 megawatt development pipeline. Brookfield Renewable is listed on the New York and Toronto stock exchanges. Further information is available at https://bep.brookfield.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.
Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with over $515 billion of assets under management.
Please note that Brookfield Renewable’s previous audited annual and unaudited quarterly reports filed with the U.S. Securities and Exchange Commission (“SEC”) and securities regulators in Canada, are available on our website at https://bep.brookfield.com, on SEC’s website at www.sec.gov and on SEDAR’s website at www.sedar.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.