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July 21, 2020updated 18 Aug 2020 4:41am

Brookfield Renewable to acquire 1.2GW solar project in Brazil

Brookfield Renewable Partners and its institutional partners have signed an agreement to acquire a 1.2GW advanced solar development project in Brazil.

Brookfield Renewable Partners and its institutional partners have signed an agreement to acquire a 1.2GW advanced solar development project in Brazil.

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The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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Inflation-linked power purchase agreements currently cover 75% of the energy the project. Brookfield Renewable has said it plans to contract the remaining 25% of power generation before beginning the construction works. At this time, the company plans to finish construction in early 2023.

Brookfield Renewable CEO Sachin Shah said: “This acquisition represents a unique opportunity to invest in one of the largest solar development projects globally.

“This investment aligns with our ongoing strategy of acquiring late-stage development projects at attractive valuations and leveraging our construction and energy marketing capabilities and longstanding experience to achieve attractive returns.

“More broadly, the investment further enhances our technologically diverse 15GW global development pipeline and continues to position Brookfield Renewable as a global leader in renewable power investing and a partner to governments and businesses in the decarbonisation of global electricity grids.”

A Brookfield Renewable spokesperson added that it will need equity of nearly $200m to complete the Brazil solar project.

Completion of the deal is subject to customary closing conditions and is expected to take place in the fourth quarter of this year.

Financial details of the acquisition have not been divulged by either company.

In July 2018, Independent power producer Globeleq signed a definitive agreement with an affiliate of Brookfield Asset Management to project stakes from the latter. Globeleq acquired five solar assets and one wind farm from the affiliate’s South African renewable energy portfolio.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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