Canada’s Brookfield moves into solar energy market

Canada’s Brookfield moves into solar energy market

Brookfield Asset Management (TSE:BAM.A) has made its first major move into the solar power market with the purchase of SunEdison’s two yieldcos, TerraForm Global and TerraForm Power.

Canada’s largest alternative asset manager owns around 10,700MW of clean energy facilities around the world, which are mostly comprised of hydropower sites, of which Brookfield has 217.

Brookfield will assume almost 4GW of wind and solar power, which is currently owned by the now bankrupt US-based clean energy firm SunEdison.

Sachin Shah, chief executive officer of Brookfield Renewable Partners said: “We knew at some point, the world of wind and solar would turn. For the first time, we saw something that lent itself to investing.”

The TerraForm deals, worth a combined figure of US$2.94 billion, will increase Brookfield’s renewable energy portfolio to 37%, equalling almost 14.7GW.

The purchases will also enlarge the firm’s global footprint beyond the America’s and Western Europe and into South Africa, China and India.