Jul 1, 2014 - Canada-based Brookfield Renewable Energy Partners LP (TSE:BEP.UN) has wrapped up the acquisition of Ireland-based Bord Gais Energy's 321-MW wind portfolio, the buyer said Monday.
The transaction had an enterprise value of EUR 700 million (USD 958m) according to earlier press releases.
Now Brookfield Renewable owns 17 wind parks in Ireland and Northern Ireland, with a 40% economic stake in the portfolio. With an additional 125 MW of wind farms under construction and about 300 MW in the pipeline, the assets may exceed 500 MW in capacity by 2015, the buyer said previously.
The acquisition, which was unveiled in March, is part of government-owned Bord Gais Eireann’s plan to sell all of its energy operations to a consortium that includes Brookfield Renewable, UK utility Centrica plc (LON:CNA) and fund iCON Infrastructure Partners II LP. The latter two will take possession of Bord Gais’ non-wind assets.
Brookfield Renewable financed the purchase with its own funds and available capital from institutional partners. The company’s strategy in Europe is to create a “leading renewable power platform” that will support its growth on a continental basis, it explained. Globally, it has more than 6,700 MW of capacity, most of it hydropower.
(EUR 1.0 = USD 1.369)
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