Brookfield Renewable, one of the largest renewable energy developers in the nation, and operator of hydroelectric, wind, solar, and storage facilities in North and South America, Europe, and Asia, announced this Wednesday it acquired the independent developer Urban Grid.
Firstly, the acquisition includes Urban Grid’s pipeline of projects; it includes 13,000 megawatts of utility-scale solar and 7,000 MW of energy storage. The acquisition had a value of $650 million and tripled Brookfield Renewable’s US development pipeline to 31,000 MW of capacity. Consequently, the company has become one of the largest renewable developers in the country.
Moreover, Urban Grid will continue operating with its current name, as an independent power producer (IPP).
The company’s pipeline includes advanced-stage clean energy projects across key markets in the US; including the mid-Atlantic, Midwest, and Southeast. Also, nearly 2,000 MW of under construction or ready-to-build solar projects; with an additional 4,000 MW of de-risked advanced stage buildout opportunities.
Furthermore, 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 to interconnection, permitting, and commercialization.
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Brookfield to expand its capabilities through Urban Grid enhancement
As a result, the acquisition will allow Brookfield to leverage its deep operating and commercial capabilities to optimize the value of Urban Grid’s development pipeline. Mitch Davidson, CEO of Brookfield Renewable’s US business said. “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.”
He also remarked. “Urban Grid’s team not only deepens our development capabilities, but it also provides strategic access to key US markets, serving as the perfect catalyst to accelerate Brookfield Renewable’s growth.”
On the other hand, Frank DePew, President and CEO of Urban Grid said. “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.”
He also remarked. “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.”
Finally, 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.
