Brookfield, partners to buy over 1 GW of DG solar from Exelon

Solar panels in USA. Author: Pete Jelliffe. License: Creative Commons. Attribution-NoDerivs 2.0 Generic.

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)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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