Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), together
with its institutional partners, announces two further investments
in the U.S. renewable energy sector.
Brookfield Renewable has agreed to acquire Scout Clean Energy
(“Scout”) for $1 billion with the potential to invest an additional
$350 million to support the business’ development activities ($270
million in total net to BEP). Scout’s portfolio includes over 1,200
MW of operating wind assets, including 400 MW managed on behalf of
third parties, and a pipeline of over 22,000 MW of wind, solar and
storage projects across 24 states, including almost 2,500 MW of
under construction and advanced-stage projects.
Brookfield Renewable also announces today the closing of its
acquisition of Standard Solar for consideration of $540 million
with the potential to invest an additional $160 million to support
the business’ growth initiatives ($140 million in total net to
BEP). Standard Solar is a market-leading owner and operator of
commercial and community distributed solar, with end-to-end
development capabilities and a strong track record of delivering
high-quality assets. Standard Solar has approximately 500 MW of
operating and under construction contracted assets and a robust
development pipeline of almost 2,000 MW and a strong team to
execute on significant growth opportunities across several high
value solar markets in the U.S., such as New York, Maryland,
Minnesota and Maine.
Both Scout and Standard Solar will continue to operate as
independent businesses within the Brookfield Renewable U.S.
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 $15
billion to invest across a range of transition opportunities.
Connor Teskey, 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 60,000 MW
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.”
Michael Rucker, CEO and founder of Scout Clean Energy, said:
“Scout is pleased to be sponsored going forward by an
industry-leading partner to help Scout continue to grow our rapidly
expanding pipeline of wind, solar and battery storage projects
across the United States. With the recent passage of the Inflation
Reduction Act, we believe now is the right time for Scout to move
into our next phase of expansion with a highly respected and
experienced partner, like Brookfield Renewable.”
Scott Wiater, President & CEO of Standard Solar, said:
“Through this acquisition, which provides additional large-scale
access to capital, Standard Solar is poised for massive growth,
enabling us to contribute in an even more significant way to the
clean energy transition. We’re looking forward to joining the
Brookfield Renewable portfolio, one of the world’s largest
renewable energy platforms. Our two companies share a mutual
passion for renewables and company cultures that recognize and
amplify excellence and equity - we are the ideal match.”
The Scout and Standard Solar acquisitions follow a string of
recent clean energy investments by Brookfield Renewable in North
America during 2022, including:
- Urban Grid: $650
million acquisition of a leading solar and battery storage
developer with a high quality development pipeline of 20,000 MW of
utility-scale solar and energy storage projects across key markets
in the U.S. including the mid-Atlantic, Midwest and Southeast.
- Carbon Capture and
Sequestration: Exclusive right to invest up to $750
million on a project by project basis into Entropy Inc. and a joint
venture with California Resource Corporation, two leading carbon
capture and sequestration platforms in Alberta and California,
respectively.
Taken together, the Brookfield Global Transition Fund has
invested or allocated $3.5 billion for clean energy investments and
follow-on capital in North America in 2022.
Media contacts
Brookfield: |
Scout: |
Standard Solar |
Simon Maine+44 (0)7398 909278
simon.maine@brookfield.com |
Chad Thompson+1
901-331-0779chad@scoutcleanenergy.com |
Leah Wilkinson+1
703-907-0010leah@wilkinson.associates
|
Investor Relations
Brookfield: |
Cara Silverman+1 416 649 8196
cara.silverman@brookfield.com |
About Brookfield Renewable
Brookfield Renewable operates one of the world’s largest
publicly traded, pure-play renewable power platforms. Its portfolio
consists of hydroelectric, wind, solar and storage facilities
in North America, South
America, Europe and Asia, and totals approximately
24,000 MW of installed capacity and an approximately 100,000 MW
development pipeline. Investors can access its portfolio either
through Brookfield Renewable Partners L.P. (NYSE: BEP;
TSX: BEP.UN), or Brookfield Renewable Corporation (NYSE,
TSX: BEPC), a Canadian corporation.
Brookfield Renewable is the flagship listed renewable power
company of Brookfield Asset Management, a leading global
alternative asset manager with approximately $750
billion of assets under management.
About Scout Clean Energy
Scout Clean Energy is a renewable energy developer and
owner-operator headquartered in Boulder, Colorado with
approximately 1,200 MW of operating wind assets, including 400 MW
managed on behalf of third parties, and a pipeline of over 22,000
MW of wind, solar and storage projects across 24 states, including
almost 2,500 MW of under construction and advanced-stage projects.
Scout has expertise in all aspects of renewables project
development, permitting, power marketing, finance, construction,
24/7 operations, and asset management. For more information, please
visit www.scoutcleanenergy.com.
About Standard Solar
Standard Solar is powering the nation’s energy transformation –
channeling its project development capabilities, financial strength
and technical expertise to deliver the benefits of solar, as well
as solar + storage, to businesses, institutions, farms,
governments, communities and utilities. Building on 18 years of
sustainable growth and in-house funding and tax equity investment
capital, Standard Solar is a national leader in the development,
funding and long-term ownership and operation of commercial and
community solar assets. Recognized as an established financial
partner with immediate, deep resources, the company owns
approximately 500 MW of operating and under construction contracted
assets across the United States. Standard Solar is based in
Rockville, Maryland. Learn more at standardsolar.com, LinkedIn and
Twitter: @StandardSolar.
Cautionary Statement Regarding Forward-looking
Statements
This news release contains forward-looking statements and
information within the meaning of applicable securities laws.
Forward-looking statements may include estimates, plans,
expectations, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Forward-looking
statements can be identified by the use of words such as “will”,
“expected”, “intend”, “potential”, “can” or variations of such
words and phrases. Forward-looking statements in this news release
include statements regarding the parties’ future expectations,
beliefs, plans, objectives, financial condition, assumptions or
future events or performance, including with respect to the
development of Scout Clean Energy’s or Standard Solar’s pipeline
and the ability of the parties to optimize value of that pipeline.
Although Brookfield Renewable believes that such forward-looking
statements and information are based upon reasonable assumptions
and expectations, no assurance is given that such expectations will
prove to have been correct. The reader should not place undue
reliance on forward-looking statements and information as such
statements and information involve known and unknown risks,
uncertainties and other factors, including the ability of the
parties to realize the expected benefits of the acquisition of
Scout Clean Energy or Standard Solar, which may cause the actual
results, performance or achievements of Brookfield Renewable to
differ materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements
and information.
Except as required by law, Brookfield Renewable does not
undertake any obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
whether as a result of new information, future events or
otherwise.
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