Brookfield Renewable to triple United States pipeline with USD-650m Urban Grid acquire
- Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN), the renewables arm of Canada's Brookfield Asset Management (NYSE: BAM), has gotten United States solar-plus-storage designer Urban Grid for USD 650 million (EUR 576.4 m), hence boosting threefold to 31 GW its pipeline of US projects.
The transaction is supported by Brookfield Renewable's institutional companions, a statement showed on Wednesday.
Through the deal, Brookfield Renewable is acquiring 13 GW of utility-scale solar as well as 7 GW of co-located and also standalone energy storage projects under development extending 12 US states.
Established in 2020, Richmond, Virginia-headquartered Urban Grid has around 2 GW of under-construction or ready-to-build solar PV projects, in addition to another 4 GW of de-risked sophisticated stage buildout possibilities. The obtained business's eco-friendly projects cover essential United States markets, among which the mid-Atlantic, the Midwest and also the Southeast. Business offered its first solar projects of 240 MW in total to Dominion Energy in 2018.
Urban Grid, which has actually been backed by UK renewables investor Susgen given that 2016, will preserve its trademark name and also proceed as an independent power producer (IPP), the customer stated.
Brookfield Renewable runs hydroelectric, wind, solar and storage facilities in North as well as South America, Europe and also Asia. Its portfolio is accessible to investors with Bermuda-based Brookfield Renewable Partners LP (NYSE: BEP; TSX: BEP.UN) along with Canada's Brookfield Renewable Corporation (NYSE, TSX: BEPC). The sustainable power platform flaunts 21 GW of installed capacity and an advancement pipeline of around 56 GW.
