Brookfield Renewable has decided to acquire a distributed generation platform in the United States. It comprises of 360 MW of capacity spread across nearly 600 sites along with a development pipeline of over 700 MW. With this transaction, Brookfield Renewable becomes an owner-operator of one of the largest commercial and industrial distributed generation portfolios in the United States with approximately 2,000 MW of operating and under development capacity and 400 investment grade customers.
Brookfield Renewable is acquiring this portfolio from Exelon Generation Company at a total purchase price of approximately $810 million. The entire portfolio is contracted under long-term power purchase agreements. The transaction is subject to customary closing conditions and is expected to close in the first half of 2021.
“We entered the distributed generation space in 2017, as we identified a significant opportunity to build a high-quality scale business in a rapidly growing market. Since then, we have expanded the business as cost declines in solar technology and decarbonization ambitions from commercial and industrial clients accelerated,” said Connor Teskey, CEO of Brookfield Renewable. “Today, we are owners of one of the leading distributed generation businesses in the United States, with deep operating, development and origination capabilities, and an approximately 2,000 MW portfolio that generates high-quality contracted cash flows that are diversified by geography and customer. This investment represents the continuation of this strategy and furthers our goal of partnering with corporates and other institutions to help them achieve their decarbonization objectives.”
Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with approximately $575 billion of assets under management. Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals over 19,000 MW of installed capacity and 18,000 MW of development pipeline.