Renewable

December 14 (Renewables Now) - Brookfield Renewable Partners LP (NYSE:BEP) and its institutional partners will purchase a 1-GW-plus distributed generation (DG) solar platform from Exelon Corp (NASDAQ:EXC) in a deal worth USD 810 million (EUR 668.8m).

Under a definitive agreement announced on Friday, Brookfield will take possession of 360 MW of distributed solar plants in operation across 600 US sites and of a 700-MW-plus pipeline of additional photovoltaic (PV) projects that are under development. The portfolio is contracted under long-term power purchase agreements (PPAs).

Brookfield, which took full control of TerraForm Power Inc this summer, currently operates over 19 GW of renewable energy assets, among which wind, solar, energy storage and hydropower plants. If the acquisition goes through, its DG portfolio will increase to nearly 2 GW.

The buyer says it is owner and operator of one of the largest commercial and industrial DG portfolios in the US.

The deal is subject to customary closing conditions and is expected to be completed in the first half of 2021.

(USD 1.0 = EUR 0.826)

Join Renewables Now's free daily newsletter now!