Brookfield Renewable Partners has entered into a binding agreement to acquire a 1.200 MW advanced solar development project in Brazil that is expected to be completed by early 2023.
Approximately 75 percent of the project is contracted under long-term inflation-linked power buying agreements, and Brookfield Renewable intends to leverage its profound power marketing expertise to contract the remaining generation before construction begins.
Total equity needed to complete the project is expected to be around $200 million.
“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.
“More broadly, the investment further enhances our technologically diverse 15,000 megawatt global development pipeline and continues to position Brookfield Renewable as a global leader in renewable power investing and a partner to governments and businesses in the decarbonization of global electricity grids.”Sachin Shah, CEO of Brookfield Renewable.
The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2020.