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New Energy

Brookfield Buys Two US Renewable-Power Firms for $1.54 Billion



Photographer: Daniel Acker/Bloomberg

Brookfield Asset Management Inc. acquired two US renewable-power companies -- Scout Clean Energy and Standard Solar -- for a total of $1.54 billion and plans to invest as much as $510 million to further develop those businesses.

The deals were made by Brookfield Renewable Partners LP, a publicly traded subsidiary of the Toronto-based asset manager, and funded by the parent’s $15 global transition fund, according to a statement Thursday. That fund, led by former Bank of England Governor Mark Carney, is the world’s largest focused on the global transition to clean energy.