Canadian outfit Brookfield Renewable Partners and institutional partners have closed the acquisition of a 51% interest in TerraForm Power for $656m.
Brookfield’s $203m investment gives it an approximate 16% stake in TerraForm Power, which has about 2.6GW of solar and wind power in its portfolio.
The move is Brookfield’s first entry into the solar market and “provides a platform for further growth in these sectors”, the company said.
Brookfield Renewable chief executive Sachin Shah said: “The TerraForm Power acquisition is an attractive entry-point for us into the quickly-expanding solar and distributed generation sectors, and its high quality revenue streams will deliver immediate accretion to our shareholders.”
Image: Pixabay
Brookfield closes TerraForm deal
Completion marks Canadian outfit's first entry into the solar market
By EBS