Brookfield Renewable to acquire 488MW of clean energy projects in Brazil

Brookfield Renewable Energy Partners will acquire a 488MW multi-technology renewable portfolio in Brazil from Energisa.

An agreement to this effect was signed between both the companies.

Scope of the deal includes 163MW of hydro power, 150MW of wind and 175MW of biomass facilities, which are expected to generate 2.1 million MWh of energy annually.

Brookfield Renewable will buy the assets for about $545m and the transaction has an enterprise value of nearly $935m.

Brookfield Renewable president and CEO Richard Legault said: “This is an attractive opportunity to acquire a diversified portfolio of renewable operating assets in a market we know well, and with an average contract duration of 10 years.

“Brazil remains a long-term growth market in need of new supply, and we remain well positioned to find accretive growth opportunities.”

To be funded via available capital from Brookfield Renewable and its institutional partners, the acquisition will be completed in the first quarter of 2015.

The company will have a share of around 40% in the projects.

Brookfield Renewable Energy operates one of the largest publicly-traded, pure-play renewable power platforms worldwide.

The company’s portfolio is primarily hydroelectric and totals about 6,700MW of installed capacity.

The portfolio generates enough energy from renewable resources to power over three million homes on average per year.