Brookfield Renewable Partners (BEP) and its institutional partners have agreed to acquire a 1.2 GW solar project being set up in Brazil.
According to BEP, the project would need an equity investment of about $200 million for completion. About 75 per cent of the energy generated by the project is contracted under long-term inflation-linked power purchase agreements. The company expects to contract the remaining 25 per cent of power prior to the start of the construction works on the project. Further, the solar project is targeted for completion in early 2023. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2020.