Brookfield will increase its existing 12% stake in Terraform Power to 51%, paying $11.46/share for the additional shares and giving the yieldco a total enterprise value of $1.7 billion.
It will also pay $787 million in cash and assume about $455 million in net debt for 100% control of Terraform Global.
Brookfield will also extend a $500 million equity line to support acquisitions and growth by TerraForm Power.
"With the support of Brookfield as TerraForm Power's sponsor, we will gain additional resources to continue to expand our portfolio and increase cash flow on a per share basis," said TerraForm Power interim CEO, Peter Blackmore.
Brookfield said Terraform Power will serve as its "primary operating wind and solar energy company in North America and Western Europe".