Duke Energy to sell commercial renewables unit to Brookfield for $2.8bn

• The deal is expected to close by the end of 2023
• Duke Energy Renewables is a fully integrated developer and operator of renewable power assets in the US
• It has 5,900 megawatts of operating and under construction wind, utility scale solar and storage assets and a 6,100 megawatt development pipeline

Brookfield Renewable, an affiliate of Brookfield Asset Management, has agreed to acquire Duke Energy’s commercial renewables business.

The deal has an enterprise value of about $2.8 billion, including non-controlling tax equity interests and the assumption of debt. It is expected to close by the end of 2023.

Based in Charlotte, North Carolina, Duke Energy is an energy holding company.

Duke Energy Renewables is a fully integrated developer and operator of renewable power assets in the US. It has 5,900 megawatts of operating and under construction wind, utility scale solar and storage assets and a 6,100 megawatt development pipeline.

“With this acquisition, we are adding a scale operating renewable platform with a full suite of in-house capabilities and a proven management team experienced in operations and development,” said Connor Teskey, CEO of Brookfield Renewable, in a statement. “We are also adding to our pipeline of renewable development projects, solidifying our position as one of the largest renewable energy businesses in the US with almost 90,000 megawatts of operating and development assets.”

Brookfield Renewable is the flagship listed renewable power arm of Toronto-based Brookfield, which has over $825 billion of assets under management. Brookfield Renewable’s portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia.

Morgan Stanley & Co and Wells Fargo Securities are serving as financial advisors to Duke Energy for this transaction. Skadden, Arps, Slate, Meagher & Flom is serving as legal counsel to Duke Energy.