Monthly Market Update
Brookfield Renewable agreed to acquire Standard Solar for $540 million with the potential to invest another $160 million to support the business’ growth initiatives. Standard Solar is an owner and operator of commercial and community distributed solar. It has approximately 500MW of operating and under construction contracted assets and a development pipeline of approximately 2GW.
Brookfield Renewable agreed to acquire Scout Clean Energy for $1 billion with the potential to invest an additional $350 million to support the business’ development activities. Scout’s portfolio includes over 1.2GW of operating wind assets, including 4GW managed on behalf of third parties, and a pipeline of over 22GW of wind, solar, and storage projects across 24 states in the US, including almost 2.5GW of under construction and advanced-stage projects.
Fortum reached an agreement to sell Uniper to the German state in a bid to shore up its finances and refocus on clean power generation in the Nordic region. The German Government will buy all of Fortum’s shares in Uniper for approximately €0.5 billion as well as provide €8 billion of financing to the energy firm to help it maintain operations.
Siemens Gamesa Renewable Energy SA finalised the sale of its 3.9GW onshore wind project portfolio in southern Europe to SSE Renewables for a total cash consideration of €613 million which comprised €580 million corresponding to the purchase price and €33 million to the estimated working capital and net debt adjustments as of June 30, 2022.
Renewable Energy Systems agreed to sell its 290MW Lycksele project portfolio in Sweden to Prime Capital, for an undisclosed sum. The project portfolio comprises the Fjällberg, Hornmyran, and Vinliden wind energy projects which are expected to come online in 2025.
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