![]() | |
Company type | Public |
---|---|
NYSE: BEP NYSE: BEPC TSX: BEP.UN | |
Industry | Renewable power |
Founded | 2011 |
Headquarters | , Canada |
Key people | Connor Teskey (CEO) Richard Legault (Chairman) |
Services | Independent Power Producer |
Total assets | US$30.9 billion (2017) [1] |
Parent | Brookfield Asset Management |
Subsidiaries | Great Lakes Power and Isagen S.A., among others |
Website | bep |
Footnotes /references [2] |
Brookfield Renewable Partners L.P. is a publicly traded limited partnership that owns and operates renewable power assets, with corporate headquarters in Toronto, Ontario, Canada. It is 60% owned by Brookfield Asset Management. [3]
As of the end of 2017, Brookfield Renewable owned over 200 hydroelectric plants, 100 wind farms, over 550 solar facilities, and four storage facilities, with approximately 16,400 MW of installed capacity. [4]
Brookfield Asset Management claims to have "more than 100 years of experience as an owner, operator and developer of hydroelectric power facilities." It was founded in the 1890s in Brazil, where the company installed the first electrical lights and tramways in São Paulo and Rio de Janeiro. [5]
The company was established as Brookfield Renewable Energy Partners in 2011, when Brookfield Asset Management combined the hydroelectric stations and wind farms of the Brookfield Renewable Power Fund with those of Brookfield Renewable Power Inc. [6] The company changed its name to Brookfield Renewable Partners in 2016. [7]
Brookfield Renewable Power Fund originated as the Great Lakes Hydro Income Fund before changing its name in 2009. [8] Brookfield used its majority stake in Great Lakes Power as its primary vehicle to advance its interests in the renewable energy sector. When Great Lakes Hydro Income Fund completed its initial public offering on the Toronto Stock Exchange in 1999, Brookfield Asset Management (then known as EdperBrascan) owned 61% of outstanding units through its various subsidiaries. [9] [10] Initially, Great Lakes Hydro's assets were limited to three hydroelectric facilities in Western Quebec with a combined capacity of 238MW. [10] By the end of 2008, the fund owned and operated 27 hydroelectric facilities and one wind farm with a cumulative capacity of 1,021MW. [11] These assets were spread across four jurisdictions: Ontario, Quebec, British Columbia, and New England.
Brookfield Renewable Power Inc. was a wholly owned subsidiary of Brookfield Asset Management with a 50.01% share in Brookfield Renewable Power Fund. It was the subsidiary in which Brookfield Asset Management held all of its renewable energy assets, whereas the Brookfield Renewable Power Fund's scope was limited to the 1,652MW of generation capacity located in Ontario, Quebec, British Columbia, and New England. [12]
On September 13, 2011, Brookfield Asset Management and Brookfield Renewable Power Fund announced they intended to merge the Fund and the power-generating assets owned by Brookfield Renewable Power Inc. to form Brookfield Renewable Energy Partners, LP. [13] [14] When the transaction closed, Brookfield Asset Management owned 73% of the combined entity, which trades on the Toronto Stock Exchange under the symbol BEP-UN [15] and on the New York Stock Exchange as BEP. The new entity is the primary vehicle through which Brookfield acquires and operates renewable energy assets, with initial assets, and development projects in Canada, the US, and Brazil. The transaction closed on November 30, 2011. [16]
In 2012, the company and its investment partners bought four hydroelectric power plants in the southeastern U.S. from Alcoa for $600 million. [17]
In 2014, the company and its investment partners acquired a portfolio of wind power assets in Ireland, establishing its presence in Europe for a total enterprise value of approximately $960 million. [18]
In 2016, the company and its investment partners acquired a majority stake in Colombian power company Isagen, which operates Colombia's largest hydropower plant, for approximately C$2.8 billion. [19] The company subsequently increased its interest to almost 100%. [20]
On May 10, 2016, Brookfield Renewable Energy Partners L.P. changed its name to Brookfield Renewable Partners L.P. The stock symbol and CUSIP would remain the same. [21] [22]
In March 2017, the company announced it would acquire a controlling interest in TerraForm Power and 100% of TerraForm Global, together representing a 3,600 MW global renewable power portfolio. [23] The transaction was completed in December 2017. In March 2020, the company announced it would be acquiring the remaining stake of TerraForm Power. The acquisition is set to be completed in Q3 2020. [24]
On December 14, 2020, Brookfield Renewable Partners and its institutional partners purchased a 1 GW-plus distributed generation (DG) solar platform from Exelon Corp in a deal worth USD 810 million. [25]
In October 2022, Brookfield Renewable Partners together with Cameco announced the acquisition of Westinghouse Electric Company, then owned by its sister company Brookfield Business Partners, in a US$7.9 billion deal including debt. Brookfield Renewable would own a 51% interest in the company as part of the deal. [26] [27] The acquisition was completed in November 2023. [28]
Westinghouse Electric Company LLC is an American nuclear power company formed in 1999 from the nuclear power division of the original Westinghouse Electric Corporation. It offers nuclear products and services to utilities internationally, including nuclear fuel, service and maintenance, instrumentation, control and design of nuclear power plants. Westinghouse's world headquarters are located in the Pittsburgh suburb of Cranberry Township, Pennsylvania. Brookfield Renewable Partners, a Canadian private equity fund and a subsidiary of Brookfield Asset Management is the majority owner of Westinghouse.
Brookfield Corporation is a Canadian multinational company that is one of the world's largest alternative investment management companies, with over US$725 billion of assets under management in 2022. It focuses on direct control investments in real estate, renewable power, infrastructure, credit and private equity. The company invests in distressed securities through Oaktree Capital, which it bought in 2019. Brookfield's headquarters are in Toronto.
Duke Energy Corporation is an American electric power and natural gas holding company headquartered in Charlotte, North Carolina. The company ranked as the 141st largest company in the United States in 2024 – its highest-ever placement on the Fortune 500 list.
Cameco Corporation is the world's largest publicly traded uranium company, based in Saskatoon, Saskatchewan, Canada. In 2015, it was the world's second largest uranium producer, accounting for 18% of world production.
Infratil Limited is a New Zealand-based infrastructure investment company. It owns renewable energy, digital infrastructure, airports, and healthcare assets with operations in New Zealand, Australia, Asia, the US and Europe. Infratil was founded by the late Lloyd Morrison, a Wellington-based merchant banker. Morrison's company, Morrison & Co is responsible for Infratil's management and administration.
Statkraft AS is a hydropower company, fully owned by the Norwegian state. The Statkraft Group is Europe's largest generator of renewable energy, as well as Norway’s largest and the Nordic region's third largest energy producer. Statkraft develops and generates hydropower, wind power, gas power, district heating and solar power, and is also a player in the international energy markets. The company has 5300 employees in 21 countries with their headquarters located in Oslo, Norway.
AGL Energy Ltd is an Australian listed public company involved in both the generation and retailing of electricity and gas for residential and commercial use. AGL is Australia's largest electricity generator, and the nation's largest carbon emitter. In 2022, 83% of its energy came from burning coal.
The Siemens Energy Sector was one of the four sectors of German industrial conglomerate Siemens. Founded on January 1, 2009, it generated and delivered power from numerous sources including the extraction, conversion and transport of oil and natural gas in addition to renewable and alternative energy sources. As of October 1, 2014, the sector level has been eliminated, including the Siemens Energy Sector.
SunEdison, Inc. is a renewable energy company headquartered in the U.S. In addition to developing, building, owning, and operating solar power plants and wind energy plants, it also manufactures high-purity polysilicon, monocrystalline silicon ingots, silicon wafers, solar modules, solar energy systems, and solar module racking systems. Originally a silicon-wafer manufacturer established in 1959 as the Monsanto Electronic Materials Company, the company was sold by Monsanto in 1989.
Énergir, formerly known as Gaz Métro, is an energy company with 535,000 customers in Quebec and the northeastern United States. It is the largest natural gas distribution company in Quebec, and, through subsidiaries, also produces electricity from wind. In the United States the company operates through subsidiaries in seventeen states, where it produces electricity from hydroelectric, wind and solar sources, in addition to being the leading electricity distributor and the sole natural gas distributor in Vermont.
Riverstone Holdings is a multinational private equity firm based in New York City focused on leveraged buyout, growth capital, and credit investments in the energy industry and electrical power industry sectors. The firm focuses on oil and gas exploration, midstream pipelines, electricity generation, energy and power services, energy and power technology, and renewable energy infrastructure and technology. Riverstone has raised approximately $41 billion since the firm's inception in 2000.
Alterra Power Corp. a subsidiary of Innergex Renewable Energy Inc., is a diversified renewable power generation company based in Vancouver, British Columbia, Canada. It was formed in 2011 through the merger of Magma Energy Corp. and Plutonic Power Corp. It develops, owns, acquires and operates hydroelectric, wind, solar energy and geothermal projects. On February 6, 2018, Innergex Renewable Energy Inc. completed the acquisition of Alterra including all its assets.
Brookfield Infrastructure Partners L.P. is a publicly traded limited partnership with corporate headquarters in Toronto, Canada, that engages in the acquisition and management of infrastructure assets on a global basis.
Innergex Renewable Energy is a developer, owner and operator of run-of-river hydroelectric facilities, wind energy, and solar farms in North America, France and South America. While many of the firm's operational assets are located in its home province of Québec, it has expanded into Ontario, British Columbia, and Idaho, as well as Chile and France
Capstone Infrastructure Corporation, formerly known as Macquarie Power & Infrastructure Income Fund (MP&I), is a Toronto, Ontario-based open-ended trust that invests in the following types of power generation assets: Natural Gas cogeneration, Wind, Hydro, Biomass and Solar.
I Squared Capital is a private equity firm focusing on global infrastructure investments. The company invests in energy, utilities, transport and telecom projects in North America, Europe and select high growth economies, such as India and China.
Brookfield Property Partners L.P. is a global commercial real estate firm that is a publicly traded limited partnership and a subsidiary of Brookfield Asset Management, an alternative asset management company. Its portfolio includes properties in the office, multi-family residential, retail, hospitality, and logistics industries throughout North America, Europe, and Australia. Its subsidiary Brookfield Properties is responsible for the management of these facilities.
Brookfield Business Partners L.P. is a publicly traded limited partnership and the primary public vehicle through which Brookfield Corporation, its parent company, owns and operates the business services and industrial operations of its private equity group. It was formed through a spin-off from Brookfield Asset Management in June 2016.
GE Renewable Energy is a manufacturing and services division of the American company General Electric. It is headquartered in Boulogne-Billancourt, near Paris, France and focuses on the production of energy systems that use renewable sources. Its products include wind, hydroelectric and solar power generating facilities.