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Brookfield Renewable Energy Buys Wind Portfolio

Tue, 03/25/2014 - 10:57am
Associated Press

NEW YORK (AP) — Brookfield Renewable Energy Partners LP is buying the wind power portfolio of Ireland's Bord Gais Energy for up to about $280 million.

Under terms of the deal announced Tuesday, Brookfield will also assume about $680 million in debt.

Brookfield Renewable's president and CEO, Richard Legault, said in a statement on Tuesday that the transaction will help it gain entry into the European market.

The wind portfolio includes 321 megawatts of operating wind capacity across 17 wind projects in eight counties in Ireland and Northern Ireland. The portfolio has an additional 125 megawatts currently in construction and an approximate 300 megawatt wind development pipeline.

"This first acquisition outside the Americas provides us with a strong foundation to build a scalable renewable energy business in Europe," Legault said.

The deal is expected to close in the second quarter.

Brookfield Renewable is based in Bermuda.

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