Brookfield Renewable has agreed to acquire a U.S. distributed generation development platform with 360 megawatts of operating distributed solar and more than 700 megawatts under development. The seller is Exelon Generation Company. Brookfield will pay about US$810 million for the portfolio.
BROOKFIELD, News, Dec. 11, 2020 (GLOBE NEWSWIRE) — Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), alongside its institutional partners, today announced that it has entered into a definitive agreement with Exelon Generation Company (NASDAQ: EXC) to acquire a distributed generation development platform comprising 360 megawatts of operating distributed solar across nearly 600 sites throughout the U.S. with an additional over 700 megawatts under development.
This transaction represents an opportunity to acquire a high-quality operating portfolio with a strong development pipeline of advanced-stage projects and a dedicated PPA origination team with a consistent track record of delivering high value projects to customers. The portfolio is contracted under long-term power purchase agreements, and Brookfield Renewable intends to leverage its scale, and operating and commercial capabilities to drive additional value.
“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 U.S., with deep operating, development and origination capabilities, and an approximately 2,000 megawatt 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.”
The total purchase price of the portfolio is expected to be approximately $810 million. The transaction is subject to customary closing conditions and is expected to close in the first half of 2021.
Brookfield Renewable 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 an 18,000 megawatt development pipeline. Investors can access its portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation. Further information is available at www.bep.brookfield.com and www.bep.brookfield.com/bepc.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 approximately $575 billion of assets under management.