Brookfield Renewable has agreed to acquire Duke Energy Renewables, a developer and operator of renewable power assets in the US.
Duke Energy Renewables has 5.9GW of operating and under construction wind, utility scale solar and storage assets and a 6.1GW development pipeline for $1.05bn in equity proceeds (approximately $265m net to Brookfield Renewable).
The deal “solidifies” Brookfield Renewable’s position as one of the largest renewable energy businesses in the US.
“With this acquisition, we are adding a scale operating renewable platform located in highly attractive markets that we expect will immediately contribute meaningful cash flows with significant upside from potential asset repowering and synergies,” said Brookfield Renewable chief executive Connor Teskey (pictured).
“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 90,000MW of operating and development assets.”
Brookfield Renewable stated: “With this offering, we believe we remain well positioned to fund our long-term growth targets through a mix of corporate debt, upfinancings of existing hydro assets and proceeds from asset recycling initiatives.”