Brookfield Renewable to Develop and Construct 1,200-Megawatt Solar Project in Brazil
July 20 2020 - 6:08PM
Brookfield Renewable Partners L.P. (
TSX: BEP.UN;
NYSE: BEP) (“
Brookfield
Renewable”), alongside its institutional partners, today
announced that it has entered into a binding agreement to acquire a
1,200 MW advanced solar development project in Brazil, which will
be targeted for completion in early 2023.
Approximately 75% of the project is contracted
under long-term inflation-linked power purchase agreements, and
Brookfield Renewable intends to leverage its deep power marketing
expertise to contract the remaining generation prior to beginning
construction. Total equity required to complete the project is
expected to be approximately $200 million.
“This acquisition represents a unique
opportunity to invest in one of the largest solar development
projects globally,” said Sachin Shah, CEO of Brookfield Renewable.
“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 15,000 megawatt 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
decarbonization of global electricity grids.”
The transaction is subject to customary closing
conditions and is expected to close in the fourth quarter of
2020.
Brookfield Renewable
Partners
Brookfield Renewable Partners operates one of
the world’s largest publicly traded, pure-play renewable power
platforms. Our portfolio consists of hydroelectric, wind, solar and
storage facilities in North America, South America, Europe and
Asia, and totals over 19,000 megawatts of installed capacity and a
15,000 megawatt development pipeline. Brookfield Renewable is
listed on the New York and Toronto stock exchanges. Further
information is available at https://bep.brookfield.com. Important
information may be disseminated exclusively via the website;
investors should consult the site to access this information.
Brookfield Renewable is the flagship listed
renewable power company of Brookfield Asset Management, a leading
global alternative asset manager with over $515 billion of assets
under management.
Please note that Brookfield Renewable’s previous
audited annual and unaudited quarterly reports filed with the U.S.
Securities and Exchange Commission (“SEC”) and
securities regulators in Canada, are available on our website at
https://bep.brookfield.com, on SEC’s website at www.sec.gov and on
SEDAR’s website at www.sedar.com. Hard copies of the annual and
quarterly reports can be obtained free of charge upon request.
Contact information:
Media: |
Investors: |
Claire Holland |
Cara Silverman |
Senior Vice President – Communications |
Manager – Investor Relations |
(416) 369-8236 |
(416) 649-8172 |
claire.holland@brookfield.com |
cara.silverman@brookfield.com |
Cautionary Statement Regarding
Forward-looking Statements
This news release contains forward-looking
statements and information within the meaning of Canadian
securities laws and “forward-looking statements” within the meaning
of Section 27A of the U.S. Securities Act of 1933, as amended,
Section 21E of the U.S. Securities Exchange Act of 1934, as
amended, “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995 and in any applicable
Canadian securities regulations. Forward-looking statements may
include estimates, plans, expectations, opinions, forecasts,
projections, guidance or other statements that are not statements
of fact. Forward-looking statements can be identified by the use of
words such as “believes” and “may” or variations of such words and
phrases and include statements regarding the proposed acquisition
of a 1,200 MW advanced solar development project in Brazil,
the prospects and benefits of this proposed acquisition, the
expected closing date of the proposed acquisition, the targeted
commercial operational date for the project, and any other
statements regarding Brookfield Renewable’s future expectations,
beliefs, plans, objectives, financial conditions, assumptions or
future events or performance. Although Brookfield Renewable
believes that these forward-looking statements and information are
based upon reasonable assumptions and expectations, you should not
place undue reliance on them, or any other forward-looking
statements or information in this news release. The future
performance and prospects of Brookfield Renewable is subject to a
number of known and unknown risks and uncertainties. Factors that
could cause actual results of Brookfield Renewable to differ
materially from those contemplated or implied by the statements in
this news release include uncertainties as to whether the
conditions to the proposed acquisition will be satisfied or
satisfied on the anticipated schedule; the timing of the
transaction and whether the transaction will be completed; and
failure to realize contemplated benefits from the transaction. For
further information on these known and unknown risks, please see
“Risk Factors” included in Brookfield Renewable’s most recent
Annual Report on Form 20-F and other risks and factors that are
described therein.
Except as required by law, Brookfield Renewable
does not undertake any obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
whether as a result of new information, future events or
otherwise.
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