Leading renewable energy consultancy and service provider, Natural Power, has provided technical due diligence on behalf of Brookfield Renewable, one of the world’s largest clean energy investors, in support of its acquisition of Scout Clean Energy for $1 billion.
Jim Adams, President of North America Operations at Natural Power, said: “Natural Power is incredibly proud to have supported this significant investment in a highly-regarded developer, owner and operator of renewable energy projects. 2022 continues to be an historic year for renewable platform M&A, and the recent passage of the Inflation Reduction Act will only serve to increase interest in the sector.”
Scout’s portfolio is comprised of more than 1,200 MW of operating wind assets, including 400 MW managed on behalf of third parties, and a pipeline of more than 22,000 MW of wind, solar and storage projects across 24 states, including almost 2,500 MW of under construction and advanced-stage projects.
Colorado-based Scout will continue to operate as an independent business within the Brookfield Renewable U.S. platform. The transactions will be invested through the Brookfield Global Transition Fund I (“BGTF I”), which is the largest fund in the world focused on the energy transition. Co-led by former Bank of England Governor and Brookfield Vice Chair, Mark Carney, and Brookfield Renewable CEO, Connor Teskey, BGTF I has raised $15 billion to invest across a range of transition opportunities.
Michael Rucker, CEO and founder of Scout Clean Energy, said: “Scout is pleased to be sponsored going forward by an industry-leading partner to help Scout continue to grow our rapidly expanding pipeline of wind, solar and battery storage projects across the United States. “
From its three US offices in New York, Seattle and the Denver area, the Natural Power team supports a range of clients including institutional investors and banks, developers, asset owners, power producers and utilities, as well as government organizations, delivering services throughout the region and beyond. To date, Natural Power’s U.S. team has delivered technical advisory services on more than 100GW of renewable energy projects. Find out more here www.naturalpower.com/uk/expertise/service/advisory/due-diligence