- Both Scout and Standard Solar will continue to operate as independent businesses within the Brookfield Renewable’s US platform
- The investments are being made through Brookfield Global Transition Fund I, focused on the energy transition
- Brookfield Renewable, an affiliate of Canada’s Brookfield Asset Management, operates pure-play renewable power platforms
Brookfield Renewable has agreed to acquire Scout Clean Energy, a renewable energy developer and owner-operator based in Boulder, Colorado, for $1 billion. Also, Brookfield has closed its acquisition of Standard Solar, an energy company based in Rockville, Maryland, for $540 million.
With additional investment amounts, the deals represent up to $2 billion deployed by Brookfield Renewable.
Both Scout and Standard Solar will continue to operate as independent businesses within the Brookfield Renewable’s US platform. The investments will be made through Brookfield Global Transition Fund I, which is focused on the energy transition.
Co-led by former Bank of England and Bank of Canada Governor and Brookfield Vice Chair, Mark Carney, and Brookfield Renewable CEO, Connor Teskey, BGTF I has raised $15 billion to invest across a range of energy transition opportunities.
Connor Teskey, CEO of Brookfield Renewable, said in a statement, “We are thrilled to be putting more dollars to work in our US renewables business. 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. Our development pipeline in the United States is now close to 60,000 MW and is well diversified across wind, utility-scale solar, distributed generation, and energy storage.”
Taken together, the Brookfield Global Transition Fund has invested or allocated $3.5 billion for clean energy investments and follow-on capital in North America in 2022.
Brookfield Renewable, an affiliate of Canada’s Brookfield Asset Management, operates 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 approximately 24,000 MW of installed capacity and an approximately 100,000 MW development pipeline.