Brookfield Renewable Energy Partners L.P. (BEP.UN.TO) said Friday that entered into an agreement to acquire a portfolio consisting of four hydroelectric generating stations in Tennessee and North Carolina from Alcoa Power Generating Inc. for a total enterprise value of $600 million, subject to certain price adjustments.
Brookfield Renewable will own about 25 percent interest and will manage and integrate the assets into its North American operating platform.
The remaining equity interest will be funded by an institutional fund managed by Brookfield Asset Management.
The acquisition is expected to be funded with non-recourse debt financing, as well as available financial resources including cash and drawings on Brookfield Renewable's credit facility.
The transaction, subject to regulatory approvals and other customary closing conditions, is expected to close before the end of 2012.
The Tapoco portfolio is located on the Little Tennessee and Cheoah Rivers in eastern Tennessee and western North Carolina, and consists of four individual generating stations, Santeetlah, Cheoah, Calderwood and Chilhowee.
This portfolio is in the latter stages of an extensive asset modernization program which is expected to increase its installed capacity to 378 megawatts and average annual generation of about 1.4 million megawatt hours.
| || |
| To receive FREE breaking news email alerts for Brookfield Renewable Energy Partners L.P. and others in your portfolio|
by RTT Staff Writer
For comments and feedback: email@example.com