Brookfield Renewable, together with its institutional partners, has agreed to acquire Scout Clean Energy in a $1bn transaction.
Scout’s portfolio includes over 1200MW of operating wind assets, including 400MW managed on behalf of third parties, plus a pipeline of over 22,000MW of wind, solar and storage projects across 24 states.
Almost 2500MW of this is under construction or in advanced stage of development.
The deal also provides for the potential to invest an additional $350m to support Scout’s development activities.
Brookfield Renewable has also closed its acquisition of Standard Solar for consideration of $540m, with the potential to invest an additional $160m to support the business’ growth initiatives.
Standard Solar is an owner and operator of commercial and community distributed solar, with end-to-end development capabilities.
Both Scout and Standard Solar will continue to operate as independent businesses within the Brookfield Renewable US platform.
The transactions will be invested through the Brookfield Global Transition Fund I (BGTF I), which is the largest fund in the world focused on the energy transition.
Co-led by former Bank of England Governor and Brookfield Vice Chair, Mark Carney, and Brookfield Renewable CEO, Connor Teskey, BGTF I has raised $15bn to invest across a range of transition opportunities.
Connor Teskey (pcitured), CEO of Brookfield Renewable, said: “We are thrilled to be putting more dollars to work in our U.S. renewables business.
“We underwrote both transactions without the benefit of the Inflation Reduction Act so the additional incentives now available represent a significant boost to each business.
“Our development pipeline in the United States is now close to 60,000MW and is well diversified across wind, utility-scale solar, distributed generation, and energy storage.
“Combined with our existing fleet we are well positioned for continued growth as owners and operators of one of the largest diversified clean power businesses in the country.”