TORONTO — Brookfield Renewable has purchased clean power developer Urban Grid for US$650 million, making it one of the largest renewable energy developers in the United States.
The company says the addition of Urban Grid’s projects roughly triples its U.S. development pipeline to about 31,000 megawatts of capacity.
Mitch Davidson, chief executive officer of Brookfield Renewable’s U.S. business, says the acquisition provides the company with strategic access to key U.S. markets, deepening its development capabilities and accelerating its growth.
Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms, with a portfolio of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia.
Urban Grid has utility-scale solar and energy storage projects totaling about 20,000 megawatts of planned capacity across 12 U.S. states.
The company says it has nearly 2,000 megawatts of under-construction or ready-to-build solar projects, with an additional 4,000 megawatts of derisked advanced stage buildout opportunities.
Frank DePew, president and CEO of Urban Grid, says the acquisition by Brookfield Renewable will enable Urban Grid to enter the next phase of growth.
This report by The Canadian Press was first published Jan. 26, 2022.
Companies in this story: (TSX: BEP.UN, TSX: BEPC)
The Canadian Press