Scout operates 1.2GW of wind energy assets in the US, including 400MW on behalf of third parties. It is also developing a portfolio of more than 22GW of wind, solar and stage projects across 24 states, of which 2.5GW are under construction or in advanced development.
Brookfield Renewable said it plans to invest $350 million to advance Scout projects.
Combined with a separate deal to acquire Standard Solar for US$540 million, the Scout buy out pushed Brookfield Renewable’s US pipeline of new projects to almost 60GW, said the Candian's firm's CEO, Connor Teskey.
The company underwrote both transactions without the benefit of the recently approved incentives for renewable energy, available thanks to the Inflation Reduction Act. Teskey said it would now benefit with a "significant boost" from the regulatory changes.
“With the recent passage of the Inflation Reduction Act, we believe now is the right time for Scout to move into our next phase of expansion with a highly respected and experienced partner like Brookfield Renewable,” added Michael Rucker, CEO and founder of Scout Clean Energy.
Earlier this month, Scout announced it was buying 71 GE 2.8MW-127 wind turbines for its 200MW Sweetland Sweetland (200MW) OnshoreMiller, South Dakota, USA, North America Click to see full details wind farm in South Dakota, due online late next year.
Based in Denver, Colorado, Scout began life as a spin-off from a wind O&M company. In 2017 it was acquired by clean energy investment fund Quinbrook Infrastructure Partners for an initial investment of $6 million, which invested a further$470 million to expand the company into a fully integrated developer and operator of wind projects.
“We have exceeded our plans for investor value creation by sponsoring Scout from its infancy, and now is the right time for us to hand the business on for its next growth chapter,” said Quinbrook managing partner David Scaysbrook.