Brookfield Renewable Energy Partners L.P. (Brookfield Renewable) announced that, with its institutional partners, has committed to acquire 57.6% of the outstanding common shares of Isagen S.A. from the Colombian government, paying US$2.2 billion.
Isagen owns and operates a renewable energy portfolio consisting of 3,032 MW of principally hydroelectric generating capacity and a 3,800 MW development portfolio in Colombia.
Sachin Shah, chief executive officer of Brookfield Renewable, said, "We are extremely pleased to grow our business in Colombia, an attractive market with strong long-term growth fundamentals, a highly skilled labor force and continued need for new investment. This transaction aligns with our objective of building our global renewable energy business with high quality, predominantly hydro assets."
Brookfield Renewable operates one of the world's largest publicly traded, renewable energy platforms that includes a portfolio consisting of hydroelectric and wind facilities in North America, South America and Europe, which totals more than 7,000 MW of installed capacity.