Brookfield Ramps Up Renewables Capacity

Researched by Industrial Info Resources (Sugar Land, Texas)--Brookfield Renewable Energy, a subsidiary of Brookfield Asset Management Incorporated (NYSE:BEPC), has spent much of 2022 rapidly growing its renewable-energy capacity across North America. Brookfield says its Global Transition Fund has spent or tagged $3.5 billion toward clean-energy investments so far this year. Industrial Info is tracking about $1.5 billion worth of renewable-energy projects in the U.S. and Canada from Brookfield and its subsidiaries, including the recently acquired Urban Grid.

Click on the image at right for a graph detailing Brookfield's active renewable-energy projects across the U.S. and Canada, by fuel type.

Brookfield's acquisitions of Standard and Scout Clean Energy are valued at $540 million and $1 billion, respectively. Industrial Info is tracking progress at seven plants from Standard and Scout Clean Energy, spread across Texas, Oklahoma, Colorado, Indiana and Vermont. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Plant Database can click here for a list of profiles for active Standard Solar plants tracked by Industrial Info, and can click here for a list for Scout Clean Energy.

"We underwrote both transactions without the benefit of the Inflation Reduction Act, so the additional incentives now available represent a significant boost to each business," said Connor Teskey, the chief executive officer of Brookfield Renewable, in a press release. "Our development pipeline in the United States is now close to 60,000 megawatts (MW), and is well diversified across wind, utility-scale solar, distributed generation and energy storage."

The two acquisitions are not the first this year for Brookfield. In January, it bought Virginia-based clean-power developer Urban Grid, which holds 13,000 MW of utility-scale solar and 7,000 MW of energy-storage capacity. At the time, the Urban Grid acquisition tripled Brookfield's U.S. holdings to about 31,000 MW of capacity, making it one of the nation's largest renewable developers.

Urban Grid's projects include two solar-power projects that started construction earlier this year: the $150 million solar plant in Crystal Hill, Virginia, which is expected to generate 65 MW, and the $101 million Foxglove Solar Plant in Stephens City, Virginia, which is expected to generate 75 MW. The projects are expected to wrap up in the first and second quarters of 2023, respectively. Subscribers can learn more from Industrial Info's detailed reports on the Crystal Hill and Stephens City projects.

Brookfield's existing subsidiaries include Canadian-based Evolugen, which began work this summer on an $88 million rehabilitation of the Unit 1 turbine at the Red Rock Falls Hydropower Station in Iron Bridge, Ontario. The overhaul of the 20.5-MW unit is expected to wrap up in the second quarter of 2023. Another Canadian subsidiary is building the $50 million Spring Coulee Solar Plant in Cardston, Alberta, which is set to begin generating 29.5 MW toward the end of the year. Subscribers can learn more from Industrial Info's reports on the Red Rock Falls and Spring Coulee projects.

In August, Brookfield agreed to form a joint venture with California Resources Corporation (NYSE:CRC) (CRC) to create a partnership focused on carbon-capture and sequestration (CCS) development. Initially, the venture will focus on CRC's reservoir at the Elk Hills Power Station in Tupman, California. CRC plans to employ a post-combustion capture process from Next Carbon Solutions, a subsidiary of NextDecade Corporation (NASDAQ:NEXT) (Houston, Texas), to capture and utilize emissions from Elk Hills for storage in oil-producing reservoirs. Subscribers can learn more in a detailed project report.

"Our growth prospects in the U.S. are significant," Teskey said in a recent quarterly earnings-related conference call. "Our in-house organic growth development pipeline in the United States alone covers a broad range of transition products, consisting of 35 gigawatts of wind, solar and storage, and 5 million metric tons per annum of CCS."

Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.

Subscribers can click here for a full list of reports on renewable-energy projects in the U.S. and Canada from Brookfield and its subsidiaries.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).