Brookfield Renewable closes TerraForm Power deal with Renova

Brookfield Renewable Partners L.P. has announced that it has closed the previously-announced acquisition of a 51% interest in TerraForm Power, a large scale, diversified portfolio of solar and wind assets located predominantly in the U.S., for a total commitment of US$656 million.

TERP represents Brookfield Renewable’s first meaningful investment into solar and distributed generation and provides a platform for further growth in these sectors.

Sachin Shah, CEO of Brookfield Renewable:

“We are excited to complete the acquisition of this premier portfolio of solar and wind assets. The TerraForm Power acquisition is an attractive entry-point for us into the quickly-expanding solar and distributed generation sectors, and its high quality revenue streams will deliver immediate accretion to our shareholders.”

TERP will remain a Nasdaq-listed public company under the new sponsorship of Brookfield Asset Management, and will be Brookfield’s primarily vehicle for acquisitions of operating solar and wind assets in North America and Western Europe.

As we reported in May, Renova signed a Purchase and Sale Agreement with Brookfield Asset Management, through Orion US Holding 1 L.P, to sell Renova’s shares in TerraForm Global. The total purchase price will be US$92.7 million, to be paid in cash on the closing date, after the fulfillment of certain conditions precedent.