Brookfield Renewable Corp. on Sept. 29 disclosed acquisition of two clean power companies for about $1.54 billion as the alternative energy investor seeks to expand its renewables portfolio.
Brookfield said it would acquire Scout Clean Energy from investment manager Quinbrook Infrastructure Partners for $1 billion, while it had closed the buyout of Standard Solar for about $540 million.
This comes a month after the passage of the $430-billion Inflation Reduction Act, seen as the biggest climate change package in U.S. history, which has led to increased dealmaking in the renewables sector as it provides substantial tax credits for up to a decade.
"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," Brookfield Renewable CEO Connor Teskey said.
Brookfield Renewable, a unit of Brookfield Asset Management Inc., said it could also invest $350 million and $160 million in Scout and Standard Solar, respectively.
Colorado-based Scout's portfolio includes over 1,200 megawatts (MW) of operational wind assets, and a pipeline of over 22 GW of wind, solar and storage projects across 24 states, including almost 2,500 MW of under construction and late-stage projects.
Maryland-based Standard Solar has about 500 MW of operational and under-construction assets and a development pipeline of almost 2,000 MW.
Bermuda-based Brookfield owns and operates an almost 65 GW diversified portfolio of renewables in the U.S. and has invested or allocated $3.5 billion to the North American clean energy sector this year.
Recommended Reading
Seatrium Awarded Contract for FPSO Bound for Guyana’s Stabroek
2024-05-17 - The topsides fabrication and integration contract will be for the FPSO Jaguar, bound for the Whiptail Field in the Stabroek block offshore Guyana for Exxon Mobil.
Third Suriname Find for Petronas, Exxon Could Support 100,000 bbl/d FPSO
2024-05-17 - A recent find offshore Suriname in Block 52 by Petronas and Exxon Mobil could support a 100,000 bbl/d FPSO development, according to Wood Mackenzie.
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks: Baker Hughes
2024-05-17 - The oil and gas rig count rose by one to 604 in the week to May 17.
BPX Looks to Ramp US Production Over 60% by 2030
2024-05-16 - BPX Energy is looking to boost its U.S. production over 60% by 2030 as it considers bringing online a fourth processing facility in the Permian by mid-year 2025, Clark Edwards, the company’s vice president of development, said during SUPER DUG in Fort Worth.
Empire Petroleum’s Williston Drilling Program Identifies New Zones
2024-05-16 - Empire Petroleum provided updates on its Williston Basin development drilling program in its first quarter 2024 earnings results.