Brookfield Renewable to commission 10GW of clean energy assets in three years

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Brookfield Renewable has a 19GW under-construction and advanced-stage pipeline. Image: Urban Grid.

Renewables asset owner Brookfield Renewable is planning to commission at least 10GW of clean energy projects in the next three years, leveraging its newly acquired US solar businesses.

The company’s renewables construction efforts are then set to accelerate later in the decade, according to CEO Connor Teskey. “Three years from now, when we look to the next three years, we’ll be looking to build far more than 10GW out in that period as well,” he said during a conference call with investors.

The renewable power company of global alternative asset manager Brookfield Asset Management, Brookfield Renewable’s portfolio totals around 24GW of installed capacity of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia.

Adding to its US$650 million acquisition of US solar and energy storage developer Urban Grid earlier this year, Brookfield has since secured a US$1 billion deal to buy another renewables developer, Scout Clean Energy, and closed its purchase of Standard Solar, a Maryland-based company focused on commercial and community PV assets.

According to Brookfield, all three platforms “will meaningfully benefit” from the US’s Inflation Reduction Act (IRA), signed into law in August.

“These investments will benefit from the extension of tax credits for wind and solar projects, as well as the expansion of tax credits that include storage, which can meaningfully accelerate and increase the buildout of the high-quality development pipelines within these businesses,” said Esper Nemi, vice president of investments at Brookfield Renewable, during the conference call.

Reporting its Q3 results on Friday, Brookfield revealed it has commenced the commissioning of a 1.2GW solar project in Brazil and is continuing to execute on its 19GW under-construction and advanced-stage pipeline.

Revenues for the quarter were US$1.1 billion, a 14% increase year-on-year, while the company’s funds from operations jumped 15% to $243 million.

The firm said it continues to benefit from contributions from acquisitions and the diversification of its fleet, which is underpinned by long-duration power purchase agreements that provide stable revenues.

Speaking with PV Tech last month, Valerie Hannah, managing director at Brookfield, said that the IRA “is really a tremendous accelerant to growth in the solar industry”, adding: “It really accelerates it when you look at providing that longer term visibility that perhaps wasn’t always there in the solar market before, at least in the US.”

Conference call transcript from the Motley Fool.

6 June 2023
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