Brookfield Renewable (
NYSE: BEP, BEPC; TSX: BEP.UN,
BEPC), together with its institutional partners, today
announced the acquisition of clean power developer Urban Grid and
its high-quality pipeline of projects comprising approximately
13,000 megawatts of utility-scale solar and 7,000 megawatts of
energy storage capacity for $650 million. The addition of Urban
Grid’s projects approximately triples Brookfield Renewable’s
U.S. development pipeline to approximately 31,000 megawatts of
capacity, making it one of the largest renewable developers in the
country.
Urban Grid, which will continue under the Urban
Grid brand name as an independent power producer (IPP), boasts a
strong development platform and a robust pipeline of advanced-stage
renewable projects across key markets in the U.S. including the
mid-Atlantic, Midwest and Southeast. It has nearly 2,000 megawatts
of under construction or ready-to-build solar projects, with an
additional 4,000 megawatts of de-risked advanced stage buildout
opportunities.
Founded in 2010, Urban Grid has established a
reputation for expertise in taking utility-scale solar and
energy storage projects through the full development process,
from site acquisition through to interconnection, permitting, and
commercialization. Working with Urban Grid’s team of dedicated
professionals, Brookfield Renewable will leverage its deep
operating and commercial capabilities to optimize the value of
Urban Grid’s development pipeline.
“The joining together of our outstanding teams
and adding Urban Grid’s high-quality pipeline of clean energy
projects presents an exceptional opportunity for Brookfield
Renewable to further establish itself as the leading renewable
energy provider in the country,” said Mitch Davidson, Chief
Executive Officer of Brookfield Renewable’s U.S. business. “Urban
Grid’s team not only deepens our development capabilities, but it
also provides strategic access to key U.S. markets, serving as the
perfect catalyst to accelerate Brookfield Renewable’s growth.”
“Brookfield Renewable is the right home for
Urban Grid. Our exceptional team and extraordinary portfolio
combine to complement and expand Brookfield’s U.S. development
operations, and this move enables the next phase of growth for our
organizations,” said Frank DePew, President and Chief Executive
Officer of Urban Grid. “Furthermore, Brookfield’s collaborative
culture and entrepreneurial spirit match our DNA. With enormous
pride and gratitude, I look forward to leading Urban Grid as part
of Brookfield to make a meaningful contribution towards achieving a
clean energy future.”
Nomura Greentech acted as Urban Grid's exclusive
financial advisor and Orrick, Herrington & Sutcliffe LLP served
as Urban Grid's legal advisor. Sidley Austin LLP served as legal
advisor to Brookfield Renewable.
Solar megawatts are presented on a DC basis and
storage megawatts are presented on an AC basis.
Brookfield Renewable
Brookfield Renewable operates one of the world’s
largest publicly traded, pure-play renewable power platforms. Its
portfolio consists of hydroelectric, wind, solar and storage
facilities in North America, South America, Europe and Asia, and
totals approximately 21,000 megawatts of installed capacity and an
approximately 56,000-megawatt development pipeline. Investors can
access its portfolio either through Brookfield Renewable Partners
L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership,
or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian
corporation. Further information is available at
www.bep.brookfield.com and https://bep.brookfield.com/bepc.
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 approximately $650 billion of
assets under management.
Media Contact:
Brookfield Renewable: Jonathan Crawford: (646) 992-2541,
jonathan.crawford@brookfieldrenewable.com
Investor Relations:
Brookfield Renewable: Robin Kooyman: (416)
649-8172, robin.kooyman@brookfield.com
Urban Grid
Urban Grid is a utility scale renewable
energy project developer, with over a decade of expertise in
taking solar and energy storage projects through the full
development process, from site acquisition through interconnection,
permitting, and commercialization. Headquartered in Richmond,
Virginia–with teams located strategically throughout the United
States, Urban Grid has provided utilities and corporate clients
with reliable clean energy. We are actively developing a growing
portfolio of approximately 13,000 megawatts of solar PV and
7,000 megawatts of co-located and stand-alone energy storage,
throughout 12 states in support of America's transition to
clean, sustainable power. To learn more, please visit
www.UrbanGridSolar.com.
Urban Grid is a Brookfield Renewable company.
Brookfield Renewable operates one of the world’s largest publicly
traded, pure-play renewable power platforms.
Media Contact:
Urban Grid: Val Newcomb: (434) 422-5679,
val.newcomb@urbangridco.com
Cautionary Statement Regarding Forward-looking
Statements
This news release contains forward-looking
statements and information within the meaning of applicable
securities laws. 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 “will”,
“expected”, “intend”, “potential”, “can” or variations of such
words and phrases. Forward-looking statements in this news release
include statements regarding the parties’ future expectations,
beliefs, plans, objectives, financial condition, assumptions or
future events or performance, including with respect to the
development of Urban Grid’s pipeline and the ability of the parties
to optimize value of that pipeline. Although Brookfield Renewable
believes that such forward-looking statements and information are
based upon reasonable assumptions and expectations, no assurance is
given that such expectations will prove to have been correct. The
reader should not place undue reliance on forward-looking
statements and information as such statements and information
involve known and unknown risks, uncertainties and other factors,
including the ability of the parties to realize the expected
benefits of the acquisition of Urban Grid, which may cause the
actual results, performance or achievements of Brookfield Renewable
to differ materially from anticipated future results, performance
or achievement expressed or implied by such forward-looking
statements and information.
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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