Brookfield Renewable Energy Partners LP has announced its entry into the European market, having made the company's first acquisition outside the Americas. The company has signed an agreement to acquire the wind portfolio of Bord Gais Energy (BGE), the vertically integrated Irish energy business from state-owned utility Bord Gais Eireann, for a total enterprise value of up to approximately $960 million.
The BGE wind portfolio comprises 321 MW of operating wind capacity across 17 wind projects in eight counties in Ireland and Northern Ireland. Brookfield adds that the portfolio is well positioned for future growth, with an additional 125 MW currently in construction and an approximate 300 MW wind development pipeline.
Bord Gais Eireann is selling its energy business to a consortium that also includes Centrica and iCON Infrastructure, which will acquire the non-wind assets of BGE.
"This is truly a milestone investment for Brookfield Renewable. The Bord Gais portfolio represents an ideal entry point into the European market, bringing with it high-quality renewable assets and an experienced team of approximately 70 professionals with operating, development, technical, commercial and finance expertise," says Richard Legault, president and CEO of Brookfield Renewable.
The acquisition is subject to regulatory approvals and other customary closing conditions, and Brookfield expects to close the transaction in the second quarter of this year.