Standard Solar acquired by Brookfield Renewable

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By SB Staff September 29, 2022

Brookfield Renewable closed its acquisition of Standard Solar this week, a deal for consideration of $540 million with the potential to take a position a further $160 million to assist the enterprise’ development initiatives ($140 million in complete internet to BEP).

Standard Solar will proceed to function as unbiased companies inside the Brookfield Renewable U.S. platform, in accordance the corporate.

“Through this acquisition, which provides additional large-scale access to capital, Standard Solar is poised for massive growth, enabling us to contribute in an even more significant way to the clean energy transition,” stated Scott Wiater, President & CEO of Standard Solar.

Standard Solar is likely one of the high proprietor / operators of economic and group distributed solar, with end-to-end improvement capabilities and a powerful observe report of delivering high-quality property. Standard Solar has roughly 500 MW of working and beneath building contracted property and a sturdy improvement pipeline of just about 2,000 MW and a powerful staff to execute on important development alternatives throughout a number of excessive worth solar markets within the U.S., similar to New York, Maryland, Minnesota and Maine.

Brookfield Renewable additionally agreed to amass Scout Clean Energy for $1 billion. Scout’s portfolio consists of over 1,200 MW of working wind property, together with 400 MW managed on behalf of third events, and a pipeline of over 22,000 MW of wind, solar and storage tasks throughout 24 states, together with nearly 2,500 MW of beneath building and advanced-stage tasks.

“We underwrote both transactions without the benefit of the Inflation Reduction Act so the additional incentives now available represent a significant boost to each business,” says Connor Teskey, CEO of Brookfield Renewable. “Our development pipeline in the United States is now close to 60,000 MW and is well diversified across wind, utility-scale solar, distributed generation, and energy storage. Combined with our existing fleet we are well positioned for continued growth as owners and operators of one of the largest diversified clean power businesses in the country.”

The Scout and Standard Solar acquisitions observe a string of latest clear energy investments by Brookfield Renewable in North America throughout 2022, together with:

  • Urban Grid: $650 million acquisition of a number one solar and battery storage developer with a top quality improvement pipeline of 20,000 MW of utility-scale solar and energy storage tasks throughout key markets within the U.S. together with the mid-Atlantic, Midwest and Southeast.
  • Carbon Capture and Sequestration: Exclusive proper to take a position as much as $750 million on a challenge by challenge foundation into Entropy Inc. and a three way partnership with California Resource Corporation, two main carbon seize and sequestration platforms in Alberta and California, respectively.

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Tags: Standard Solar, utility-scale

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