Brookfield Renewable Power has approved the sale of 15 hydroelectric plants to Great Lakes Hydro Income Fund. Brookfield's board of directors finalized the $945 million deal July 6.
The plants have an installed capacity of 387 megawatts. Also in the agreement is a soon-to-be-constructed wind power project.
Great Lakes Hydro Income spokesman Zev Korman said Sault Ste. Marie's Prince Wind Farm was acquired by the Income Fund from Brookfield back in an earlier deal in February. Korman said the Gosfield Wind Farm, near Kingsville in southwestern Ontario, will be included in the current transaction and “presumably other wind or hydro assets that would meet the fund's investment criteria.”
Brookfield plans to invest in Canadian contracted renewable power generating assets with a focus on producing stable cash flows with high-quality, long-life renewable power assets.
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