Brookfield Renewable to Develop and Construct 1,200-Megawatt Solar Project in Brazil
All amounts in US dollars unless otherwise indicated
BROOKFIELD, News, July 20, 2020 (GLOBE NEWSWIRE) -- 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.