SunEnergy1's 510MW Solar Portfolio Acquired by Brookfield Renewable
Deal News | Dec 16, 2024 | White & Case
Global law firm White & Case LLP has advised Brookfield Renewable, a prominent global alternative asset manager, on its acquisition of a 510 MW solar power portfolio from SunEnergy1. The North Carolina-based company, known for its solar energy procurement and construction capabilities, entered into a purchase and exclusivity agreement with Brookfield Renewable for this transaction. Under the terms agreed, Brookfield gains exclusivity for an additional 330 MW of projects, with the opportunity to expand from SunEnergy1's 14 GW solar development pipeline. SunEnergy1's portfolio targets the PJM power market, which is rapidly growing due to increased corporate demand for renewable energy brought on by data center expansion and a limited supply of clean energy projects. Brookfield Renewable has established long-term power purchase agreements for the initial 510 MW portfolio with corporate clients. The legal advisory team from White & Case was led by multiple partners and associates, providing expertise in M&A, project development and finance, real estate, and tax law.
Sectors
- Renewable Energy
- Legal Advisory
- Private Equity
Geography
- United States – The transaction involves companies operating in the U.S., with specific solar projects located in North Carolina and Virginia.
Industry
- Renewable Energy – The article concerns the acquisition of a significant solar energy portfolio, which is a key sector within the renewable energy industry.
- Legal Advisory – White & Case's involvement as a legal advisor highlights the importance of legal services in facilitating major M&A transactions.
- Private Equity – Brookfield Renewable, a key player in the transaction, operates within the private equity industry, focusing on alternative asset management.
Financials
- 510 MW – The initial size of the solar energy portfolio being acquired by Brookfield Renewable.
- 330 MW – Additional project capacity over which Brookfield Renewable receives exclusivity.
- 14 GW – SunEnergy1's total solar development pipeline.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Brookfield Renewable | Acquirer | Company | A leading global alternative asset manager specializing in renewable energy. |
| SunEnergy1 | Target Company | Company | A North Carolina-based company focused on solar energy, procurement, and construction. |
| White & Case LLP | Legal Advisor | Company | A global law firm providing legal advisory services for the transaction. |
| Oliver Brahmst | M&A Partner | Person | A Mergers and Acquisitions partner at White & Case leading the transaction. |
| Adam Cieply | M&A Partner | Person | A Mergers and Acquisitions partner at White & Case leading the transaction. |
| Raymond Azar | Project Development and Finance Partner | Person | A partner at White & Case overseeing project development and finance. |