Brookfield Renewable proposes deal to buy rest of TerraForm Power

TORONTO — Brookfield Renewable Partners says it has proposed a deal to fully take over TerraForm Power Inc. in an all-share deal that values the wind and solar company at about US$4 billion.

Toronto-based Brookfield, which already owns 62 per cent of TerraForm shares, has proposed to take over the rest of outstanding shares at a value of US$17.31 a share.

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It says the deal would help simplify the corporate structure and strengthen Brookfield's position in the renewable sector with US$50 billion in total power assets.

New York-based TerraForm Power says it has formed a special committee to review the unsolicited proposal.

TerraForm has wind and solar assets primarily in the U.S. and in Europe that total more than 4,000 megawatts of installed capacity.

Brookfield Renewable, a subsidiary of Brookfield Asset Management, has 19,000 megawatts of installed capacity and 13,000 megawatts in development across hydroelectric, wind, solar, and storage facilities globally.

This report by The Canadian Press was first published Jan. 13, 2020.

Companies in this story: (TSX:BEP.UN, TSX:BAM.A)

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