pcJ News Briefs – Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP), together with its institutional partners, has completed previously announced acquisition of 100% of TerraForm Global Inc. (NASDAQ: GLBL) for a total net investment of US $750 million. Brookfield will assume approximately US $455 million in net debt, representing an enterprise value of approximately US $1.2 billion.
Brookfield Renewable’s total net investment of US $230 million was funded from available liquidity giving it a 31% interest.
TerraForm Global owns and operates a high quality, 952 megawatt portfolio of recently constructed, contracted solar and wind assets located predominantly in Brazil, India and, China. TerraForm Global’s cash flows are underpinned by long-term contracts with creditworthy off-takers and an average remaining PPA term of 17 years.
photo credit: TerraForm Global
News Release
Brookfield Renewable Completes Acquisition of TerraForm Global
Transaction adds 952 megawatts of solar and wind to Brookfield’s Diversified Renewable Power Portfolio; Establishes Foothold in Attractive Growth Markets
All amounts in U.S. dollars unless otherwise stated
Investment Highlights:
• Acquisition adds 952 megawatts of solar and wind to Brookfield Renewable’s global portfolio
• High quality revenue streams underpinned by long-term contracts with creditworthy off-takers and an average remaining power purchase agreement (PPA) term of 17 years
• Expands Brookfield Renewable’s presence in Brazil and establishes foothold in attractive, high-growth renewables markets, India and China
• Post funding, Brookfield Renewable will have over $1.3 billion of liquidity
BROOKFIELD, NEWS, Dec. 28, 2017 — Brookfield Renewable Partners L.P. (TSX:BEP.UN) (NYSE:BEP) (“Brookfield Renewable”) today announced that, together with its institutional partners, it has closed the previously-announced acquisition of 100% of TerraForm Global Inc. (“TerraForm Global”), a globally diversified renewable power portfolio, for a total net investment of $750 million. Brookfield Renewable’s total net investment of $230 million was funded from available liquidity giving it a 31% interest.
TerraForm Global owns and operates a high quality, 952 megawatt portfolio of recently constructed, contracted solar and wind assets located predominantly in Brazil, India and, China. TerraForm Global’s cash flows are underpinned by long-term contracts with creditworthy off-takers and an average remaining PPA term of 17 years.
“We are pleased to strengthen our global portfolio of high quality renewable power assets with the addition of these premier solar and wind facilities,” said Sachin Shah, CEO of Brookfield Renewable. “This transaction expands our presence in Brazil and provides a platform for further growth in India and China’s attractive, high-growth renewables markets.”
The investment is expected to contribute approximately $35 million of annual FFO to Brookfield Renewable on a run-rate basis.
The Class A shares of TerraForm Global common stock will be delisted from the Nasdaq Stock Market, with trading suspended as of close of business today, and the assets of TerraForm Global will be integrated into Brookfield Renewable’s global renewable power portfolio.
Brookfield Renewable Partners
Brookfield Renewable Partners operates one of the world’s largest publicly traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals over 16,000 megawatts of installed capacity. Brookfield Renewable is listed on the New York and Toronto stock exchanges.
Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with over US$265 billion of assets under management.
For more information, please contact:
Media:
Claire Holland
(416) 369-8236
claire.holland@brookfield.com
Investors:
Divya Biyani
(416) 369-2616
divya.biyani@brookfieldrenewable.com