Canadian outfit Brookfield Renewable Partners and unnamed institutional partners have increased their stake in TerraForm Power to 65% from 51% following the acquisition of 61 million shares for $650m.
“This investment increases Brookfield Renewable’s exposure to the rapidly growing solar and wind sectors through its higher ownership interest in TerraForm Power,” Brookfield said.
Brookfield Renewable chief executive Sachin Shah said: “We have been extremely pleased with TerraForm Power’s performance to date as it makes excellent progress in advancing its business plan to enhance cash flows through organic growth and deleveraging of its balance sheet.
“Most importantly, within four months of our initial investment, TerraForm Power has created meaningful value for all investors as it continues to pursue high-quality solar and wind opportunities in Western Europe and North America.”
Last week, TerraForm Power gained approval from the Spanish regulator to acquire Saeta Yield, which has more than 1GW of wind and solar assets mainly in western Europe.
Image: Brookfield
Brookfield boosts TerraForm stake
By EBS