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Brookfield Renewable to buy 488MW of renewable energy portfolio in Brazil

CTBR Staff Writer Published 21 November 2014

Brookfield Renewable Energy Partners has agreed to acquire a 488MW multi-technology renewable portfolio in Brazil from Energisa.

Wind turbine

The deal includes 163MW of hydro power, 150MW of wind and 175MW of biomass facilities, which are expected to generate 2.1 million MWh of energy per year.

Brookfield Renewable will buy the assets for about $545m and the transaction has an enterprise value of nearly $935m.

The company itself will have an interest of about 40% in the assets and the acquisition will be funded via available capital fromBrookfield Renewable and its institutional partners.

The transaction, which is subject to regulatory approvals, is expected to be completed in the first quarter of 2015.

Brookfield Renewable president and CEO Richard Legault said: "This is an attractive opportunity to acquire a diversified portfolio of renewable operating assets in a market we know well, and with an average contract duration of 10 years.

"Brazil remains a long-term growth market in need of new supply, and we remain well positioned to find accretive growth opportunities."

Brookfield Renewable Energy operates one of the largest publicly-traded, pure-play renewable power platforms worldwide.

The company's portfolio is primarily hydroelectric and totals about 6,700MW of installed capacity.

The portfolio generates enough energy from renewable resources to power over three million homes on average per year.

Image: The deal includes 150MW of wind power. Photo: Courtesy of dan/FreeDigitalPhotos.net.