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Brookfield Renewable to Acquire Duke Energy Renewables with Expansion of Green Footprint in USA

Over the previous 18 months, the company has invested up to USD 21 billion (USD 3.9 billion net to Brookfield Renewable), in a purchased deal and concurrent private placement, uplifted aggregate equity proceeds to Brookfield Renewable of USD 650 million.

June 14, 2023. By Nivedita Ojha

Brookfield Renewable has declared that it has acquired Duke Energy Renewables, a complete amalgamated developer and operator of renewable power assets in the U.S. with 5,900 MW of operating and under progress wind, utility-scale solar and storage assets, and a 6,100 MW development pipeline for USD 1.05 billion in equity proceeds (around USD 265 million net to Brookfield Renewable).

Scale integrated power producer with one of the largest operating wind portfolios in the U.S., and a 6,100 MW development pipeline that is well positioned to benefit from a highly supportive regulatory backdrop and growing demand for renewable energy from commercial and industrial buyers.

Connor Teskey, CEO of Brookfield Renewable, stated, “With this acquisition, we are adding a scale operating renewable platform located in highly attractive markets that we expect will immediately contribute meaningful cash flows with significant upside from potential asset repowering and synergies”.

Over the previous 18 months, the company has invested up to USD 21 billion (USD 3.9 billion net to Brookfield Renewable), in a purchased deal and concurrent private placement, uplifted aggregate equity proceeds to Brookfield Renewable of USD 650 million.

Brookfield Renewable portfolio comprises hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia.  

Moreover, the deal provides significant repowering opportunities, as Brookfield Renewable can use its experience in repowering wind projects to increase the operating wind portfolio of Duke Energy Renewables.
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