Brookfield Asset Management has reached an agreement to acquire the entire class A shares of US-based renewable energy company TerraForm Global.

Based in Canada, Brookfield Asset Management will pay $787m in cash and assume $455m in net debt of TerraForm Global, representing an enterprise value of $1.3bn for the acquisition.

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The transaction is expected to be completed in the second half of 2017.

Brookfield has also signed an agreement to acquire a 51% stake in TerraForm Power for $622m in the second half of 2017.

"Brookfield Asset Management will pay $787m in cash and assume $455m in net debt of TerraForm Global."

Gaz Metro Limited Partnership has agreed to acquire US-based solar electric systems developer and financier, Standard Solar to further diversify its energy solutions offerings.

Gaz Metro Limited Partnership is a diversified energy company based in Canada.

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