Canadian energy infrastructure heavyweight Brookfield Asset Management has moved to become a major green power player in the U.S., with its renewables unit buying Richmond, Va.-based Urban Grid for $650 million.
Brookfield’s deal for the developer of utility scale U.S. solar plants and energy storage boosts its clean power portfolio, with projects in 12 states, the company said in late January. Its pipeline includes 13 GW of solar power capacity and 7 GW of energy storage, with about 2 GW under or near construction, and about 4 GW worth of “de-risked advanced stage build out opportunities,” that could be constructed in the next six years as energy buyers adopt reduced carbon emissions targeted, Connor Teskey, CEO of its renewables unit, told analysts in a Feb. 4 earnings call.