Brookfield Renewable hopes to improve on the 75% of the project currently contracted under power purchase agreements. Credit: Michael Wilson on Unsplash.

Brookfield Renewable Partners and its institutional partners have signed an agreement to acquire a 1.2GW advanced solar development project in Brazil.

Inflation-linked power purchase agreements currently cover 75% of the energy the project. Brookfield Renewable has said it plans to contract the remaining 25% of power generation before beginning the construction works. At this time, the company plans to finish construction in early 2023.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Brookfield Renewable CEO Sachin Shah 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 15GW 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 decarbonisation of global electricity grids.”

A Brookfield Renewable spokesperson added that it will need equity of nearly $200m to complete the Brazil solar project.

Completion of the deal is subject to customary closing conditions and is expected to take place in the fourth quarter of this year.

Financial details of the acquisition have not been divulged by either company.

In July 2018, Independent power producer Globeleq signed a definitive agreement with an affiliate of Brookfield Asset Management to project stakes from the latter. Globeleq acquired five solar assets and one wind farm from the affiliate’s South African renewable energy portfolio.