Brookfield Renewable agreed to buy the solar energy business of Exelon.
Brookfield Renewable, the subsidiary of Brookfield Asset Management, agreed to buy the solar energy business of Exelon. Although hydroelectric is the biggest moneymaker for Brookfield Renewable right now, the company is optimistic about solar energy when it comes to the future. Exelon’s solar energy business consists of a total of 360 megawatts. The deal is valued at $810 million and is expected to close in the first half of 2021. 9% of Brookfield’s cash flow is attributed to solar energy. This number by itself is not much, but it becomes meaningful when you realize it was 0% just 5 years ago. The company believes it can increase its cash flow per share at a rate of 11-16% per year with solar energy being the biggest contributor.