- Projects located in PJM power market, where there is accelerating corporate demand for clean energy driven by data center buildout
- 510 MW initial acquisition takes place under a programmatic agreement that will allow the parties to continue to transact on new projects under a pre-agreed framework
- Leverages the combined capabilities of SunEnergy1’s market leading vertically integrated development and construction capabilities and Brookfield’ commercial contracting and access to capital to deliver new clean power capacity to meet the growing needs of corporate customers
NEW YORK, NY and BETHEL, NC – December 10, 2024 – SunEnergy1 and Brookfield (NYSE: BAM, TSX: BAM) along with its institutional partners including its listed affiliate Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC) today announced the signing of a purchase and exclusivity agreement for the acquisition and construction of an initial 510 MW portfolio of utility scale solar projects in North Carolina and Virginia. The transaction also provides Brookfield exclusivity over an incremental 330 MW of projects and the potential to add new projects from SunEnergy1’s attractive 14 GW solar development pipeline.
The projects will be acquired once they have been de-risked and are construction ready and will be built by SunEnergy1 pursuant to a turn-key engineering, procurement and construction contract, providing strong visibility on costs. Brookfield has agreed terms for long-term power purchase agreements with corporate customers for the initial 510 MW portfolio.
SunEnergy1’s portfolio is strategically focused in the PJM power market, which is seeing rapidly growing corporate demand for renewable power driven by data center load growth and a scarce supply of clean energy projects.
Stephen Gallagher, CEO of Brookfield Renewable North America, said, “We are delighted to partner with SunEnergy1, a market leading, vertically integrated EPC firm and solar developer. Having witnessed SunEnergy1’s in-house EPC capabilities first-hand, including its transmission and distribution capabilities, we are thrilled to work with them to bring significant clean power capacity online in the coming years to meet growing demand in the U.S.”
Kenny Habul, President & CEO of SunEnergy1, said, “We are very proud to partner with Brookfield Renewable. We pioneered utility scale development in PJM starting with the Zulu queue. This early mover advantage is coming to fruition with numerous Interconnects on hand. We continue to forge ahead in the EPC space, adding our transmission and distribution arm in recent years. We look forward to a long and successful partnership with Stephen’s team.”
About SunEnergy1
SunEnergy1 is a North Carolina based solar EPC/developer with over 50 utility scale projects built and over 5000MW developed in PJM. For over a decade, SunEnergy1 has established a track record of reliably delivering large scale solar projects. SunEnergy1 is vertically integrated and controls all stages of solar development and construction in-house, bringing online affordable, low-risk solar power for corporate, institutional and utility partners. SunEnergy1’s 14 GW pipeline is one of the largest and most real in the United States. For more information, visit https://www.sunenergy1.com/.
About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $1 trillion of assets under management. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance
Brookfield operates Brookfield Renewable Partners (NYSE: BEP, TSX: BEP), one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed generation and storage facilities in North America, South America, Europe and Asia. Our operating capacity totals over 35,000 megawatts and our development pipeline stands at approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling.
SunEnergy1 Media Contact:
Tel: (252) 825-1731
Email: [email protected]
Brookfield Media Contact:
Rachel Wood
Tel: 980-428-3539
Email: [email protected]