Canada's Brookfield Invests $2 Billion in Scout Clean Energy, Standard Solar

Oct 3, 2022 09:57 AM ET
  • The purchases will be invested via the Brookfield Global Transition Fund I (BGTF I), which it declares to be the biggest fund worldwide concentrated on the energy transition.
  • Both Scout and Standard Solar will certainly continue to operate as independent businesses within the Brookfield Renewable US platform.

Brookfield Renewable, which owns, operates and also establishes renewable power, together with its institutional partners, has actually announced 2 investments in the United States renewable resource sector. Brookfield will certainly get Scout Clean Energy for $1 billion with the prospective to spend an additional $350 million to support the business' development activities. It additionally introduced the closing of its procurement of Standard Solar for a consideration of $540 million with the potential to spend an additional $160 million to sustain business' development initiatives.

Brookfield educated that both Scout and also Standard Solar will remain to run as independent organizations within the Brookfield Renewable US platform. The transactions will be invested with the Brookfield Global Transition Fund I (BGTF I), which it asserts to be the largest fund in the world concentrated on the energy transition.

The main news by Brookfield held that Scout's portfolio includes over 1,200 MW of operating wind possessions, including 400 MW handled on behalf of 3rd parties, and also a pipeline of over 22,000 MW of wind, solar and storage space projects across 24 states. Virtually 2,500 MW of the projects are unfinished and advanced-stage projects.

Brookfield additionally claimed that Standard Solar is an owner and also operator of industrial and also community dispersed solar. The firm has about 500 MW of operating as well as under construction acquired properties and a growth pipeline of virtually 2,000 MW.

Connor Teskey, Chief Executive Officer of Brookfield Renewable, claimed, "We underwrote both transactions without the advantage of the Inflation Reduction Act so the additional rewards currently offered represent a significant boost to every business. Our development pipeline in the United States is currently close to 60,000 MW as well as is well diversified across wind, utility-scale solar, distributed generation, and also energy storage."

Michael Rucker, Founder and also CEO, Scout Clean Energy, said, "With the current passage of the Inflation Reduction Act, we believe now is the correct time for Scout to move right into our next phase of growth with a very valued and experienced companion, like Brookfield Renewable."

Scott Wiater, Head Of State & Chief Executive Officer of Standard Solar, claimed, "Via this procurement, which gives added large-scale access to capital, Standard Solar is positioned for massive development, allowing us to contribute in a much more significant means to the clean energy transition."

Upbeat for RE Investments in North America

Brookfield Renewable has additionally made other key financial investments during 2022 that would consist of a $650 million procurement of a leading solar and battery storage space developer with a top quality development pipe of 20,000 MW of utility-scale solar and energy storage projects throughout key markets in the United States including the mid-Atlantic, Midwest and also Southeast.

It will certainly additionally undertake carbon capture and carbon sequestration by spending up to $750 million on a project by project basis into Worsening and also a joint venture with California Source Corporation, two leading carbon capture and sequestration platforms in Alberta as well as California, specifically.

Taken together, the Brookfield Global Transition Fund has invested or allocated $3.5 billion for clean energy financial investments and also follow-on capital in North America in 2022.

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