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Brookfield Renewable Energy Partners has announced an agreement to acquire the wind portfolio of Bord Gáis Energy (BGE) for a total enterprise value of up to approximately €700 million, subject to customary closing adjustments.
The transaction with Brookfield Renewable is being completed as a sale by the Republic of Ireland-owned Bord Gáis Éireann of all of its energy business to a consortium that also includes Centrica plc and iCON Infrastructure, who will acquire the non-wind assets of BGE. Brookfield Renewable will fund the transaction with its institutional partners and maintain an economic interest in the portfolio of approximately 40%. The BGE wind portfolio comprises 321MW of operating wind capacity across 17 wind projects in eight counties in Ireland and Northern Ireland. The portfolio is well positioned for future growth with an additional 125MW currently in construction and an approximate 300MW wind development pipeline. The transaction is subject to regulatory approvals and other customary closing conditions (including concurrent completion of the acquisitions by the other consortium partners) and is expected to close in the second quarter of 2014.
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