For $1.5 billion, Scout Clean Energy and Standard Solar, two US-based renewable energy companies, will be purchased by Brookfield Renewable and its institutional partners. As part of the agreement, Brookfield Renewable will provide Scout Clean Energy $1 billion. Additionally, it has committed to invest an additional $350 million to help Scout’s business development initiatives. Currently, 400 MW of Scout’s 1.2 GW operating wind portfolio is managed on behalf of third parties.
Additionally, it has more than 22 GW of planned wind, solar, and energy capacity spread throughout 24 US states. With the potential to invest a further $160 million to support the company’s growth initiatives, Brookfield Renewable will pay a consideration of $540 million for the acquisition of Standard Solar. With end-to-end development skills, Standard Solar owns and manages commercial and community distributed solar projects in the US. It has a pipeline of about 2 GW and about 500 MW of capacity spread across contractual assets that are operational and under construction.
Reportedly, the two investments will be made through Brookfield’s Brookfield Global Transition Fund I, which supports renewable energy. Within its US platform, Scout and Standard Solar will continue to operate as distinct commercial entities. Brookfield Renewable, a division of Brookfield Asset Management, currently has 24 GW of installed capacity and 100 GW in development.