Canada’s Brookfield Renewable Partners to acquire 1.2GW Brazilian solar project

Brookfield Renewable Partners has entered into a binding agreement to acquire a 1.2GW solar photovoltaic project in Brazil, in a deal that is expected to close in the fourth quarter of 2020.

The project is slated for completion in early 2023, with approximately 75% of the project contracted under long-term inflation-linked power purchase agreements.

Canadian developer Brookfield said it intends to ‘leverage its deep power marketing expertise’ to contract the remaining generation prior to beginning construction. Total equity required to complete the project is expected to be US$200 million.

Brookfield chief executive Sachin Shah said: “This acquisition represents a unique opportunity to invest in one of the largest solar development projects globally.

“This investment aligns with our ongoing strategy of acquiring late-stage development projects at attractive valuations and leveraging our construction and energy marketing capabilities and longstanding experience to achieve attractive returns.”

Brookfield is one of the world’s largest publicly traded, pure-play renewable energy companies with a portfolio including over 19GW of installed capacity as well as a 15GW development pipeline.

Its portfolio is comprised of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia.