Brookfield invests US$2 billion in US market with double acquisition of Scout Clean Energy, Standard Solar

Brookfield Renewables manages US$68 billion worth of clean energy assets. Image: Brookfield Renewables.

US renewable energy major Brookfield Renewable has agreed to spend up to US$2 billion in order to acquire both Scout Clean Energy (Scout) and Standard Solar, taking the company’s total investment in North America this year to US$3.5 billion.

Announced yesterday (29 September), the move will see Brookfield acquire Scout for US$1 billion with the potential to invest an additional $350 million to support the business’ development activities.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Scout’s portfolio includes a pipeline of over 22,000MW of wind, solar and storage projects across 24 states, including almost 2,500MW of under construction and advanced-stage projects.

“Scout is pleased to be sponsored going forward by an industry-leading partner to help Scout continue to grow our rapidly expanding pipeline of wind, solar and battery storage projects across the United States,” said Michael Rucker, CEO and founder of Scout Clean Energy.

During the same announcement, Brookfield also said it was to acquire US developer Standard Solar for US$540 million, again with the potential to invest an additional US$160 million to support the company’s growth.

Standard Solar is an owner and operator of commercial and community distributed solar, with end-to-end development capabilities, Brookfield said in a media release. Standard Solar has roughly 500MW of operating and under construction contracted assets and a development pipeline of almost 2,000MW.

“Through this acquisition, which provides additional large-scale access to capital, Standard Solar is poised for massive growth, enabling us to contribute in an even more significant way to the clean energy transition,” said Scott Wiater, president and CEO of Standard Solar.

Both Scout and Standard Solar will continue to operate as independent businesses within the Brookfield Renewable US platform, the company said, adding the transactions will be invested through the Brookfield Global Transition Fund I (“BGTF I”), the “largest fund in the world focused on the energy transition”.

Co-led by former Bank of England governor and Brookfield vice chair, Mark Carney, and Brookfield Renewable CEO, Connor Teskey, BGTF I has raised $15 billion to invest across a range of transition opportunities.

As of this summer, Canada-headquartered Brookfield Asset Management had US$725 billion in assets under management, including US$68 billion in its renewable power business, according to the company.  

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2025 and beyond.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
March 12, 2024
Frankfurt, Germany
Upcoming Webinars
March 13, 2024
9am EDT / 1pm GMT / 2pm CET
Solar Media Events
March 19, 2024
Texas, USA