Brookfield Renewable to develop 1.2 GW Brazilian solar PV project

Brookfield Renewable Partners L.P., alongside its institutional partners, has entered into a binding agreement to acquire a 1,200 MW advanced solar development project in Brazil, which will be targeted for completion in early 2023.

Approximately 75% of the project is contracted under long-term inflation-linked power purchase agreements, and Brookfield Renewable intends to leverage power marketing to contract the remaining generation prior to beginning construction. The total equity required to complete the project is expected to be approximately US$200 million.

Sachin Shah, CEO of Brookfield Renewable, 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. 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.”

The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2020.