Brookfield Renewable Announces 1200 MW Solar Project in Brazil

• Brookfield Renewable Partners has actually entered into a binding agreement to acquire a 1200 MW advanced solar advancement project in Brazil

Brookfield Renewable Partners, along with its institutional partners, has announced that it has actually become part of a binding agreement to acquire a 1200 MW progressed solar growth project in Brazil, which will be targeted for completion in early 2023.

Roughly 75 percent of the project is contracted under long-term inflation-linked power purchase agreements, and also Brookfield Renewable means to leverage its deep power marketing expertise to contract the staying generation prior to beginning building. The complete equity required to complete the project is expected to be about USD 200 million.

" This purchase stands for an unique possibility to invest in among the largest solar advancement projects internationally," said Sachin Shah, CEO of Brookfield Renewable. "This financial investment aligns with our ongoing approach of acquiring late-stage development projects at attractive evaluations as well as leveraging our building and energy marketing capacities as well as longstanding experience to accomplish appealing returns. More broadly, the financial investment further improves our technologically varied 15,000-megawatt international growth pipeline and also remains to place Brookfield Renewable as an international leader in eco-friendly power investing and a companion to governments and services in the decarbonisation of global power grids."

The deal goes through traditional closing problems as well as is expected to enclose the fourth quarter of 2020.

Brookfield Renewable Partners runs among the globe's biggest publicly traded, pure-play renewable power platforms. Its profile contains hydroelectric, wind, solar and also storage centers in North America, South America, Europe and also Asia, as well as amounts to over 19,000 megawatts of set up capacity and also a 15,000-megawatt development pipeline.

In March, we had reported that Brookfield Renewable Partners and also TerraForm Power had entered into a clear-cut merger arrangement for Brookfield Renewable to acquire every one of the exceptional shares of Class A common stock of TerraForm Power, other than the about 62 percent currently owned by Brookfield Renewable and also its affiliates.