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Scout Clean Energy (Scout), utility-scale renewable energy developer-owner-operator and wholly owned portfolio company of Quinbrook Infrastructure Partners, announced that Brookfield Renewable, together with its institutional partners has executed a Purchase and Sale Agreement (PSA) with Quinbrook to acquire Scout and all its assets for $1 billion dollars with the potential to invest in the near term an additional $350 million to support the business’ development activities ($270 million in total net to BEP).
“Scout is pleased to be sponsored going forward by an industry-leading partner to help Scout continue to grow our rapidly expanding pipeline of wind, solar and battery storage projects across the United States” said Michael Rucker, CEO and founder of Scout Clean Energy. “The accelerated expansion Scout has experienced is a direct result of Quinbrook Infrastructure Partners support and confidence in our business model. With the recent passage of the IRA, we believe now is the right time for Scout to move into our next phase of growth with a highly respected and experienced partner, like Brookfield.”
Scout will continue under the Scout Clean Energy brand name as an independent power producer (IPP). Scout’s portfolio includes over 1,200 MW of operating wind assets, including 400 MW managed on behalf of third parties, and a pipeline of over 22,000 MW of wind, solar and storage projects across 24 states, including almost 2,500 MW of under construction and advanced-stage projects.
Connor Teskey, CEO of Brookfield Renewable, said, “We are thrilled to be putting more dollars to work in our U.S. renewables business. Our development pipeline in the United States is now close to 60,000 MW and is well diversified across wind, utility-scale solar, distributed generation, and energy storage. Combined with our existing fleet we are well positioned for continued growth as owners and operators of one of the largest diversified clean power businesses in the country.”
Scout was acquired by Quinbrook at the start-up stage in 2017 and under Quinbrook’s sponsorship, has quickly established a reputation for expertise in taking utility-scale wind, solar and energy storage projects through the full development cycle, from greenfield through interconnection, permitting, commercialization, construction and operations.
David Scaysbrook, Co-founder and Managing Partner of Quinbrook commented, “Building Scout from a start-up into the significant and successful business it is today has been a five-year long commitment by the Quinbrook team working in a close partnership with Michael and the Scout management team. We have endured and overcome many challenges together, which marks this venture a resounding success on many levels. Scout hosts a remarkable collective of professionals, and we are proud of all that we have accomplished together. We have far exceeded our plans for investor value creation in sponsoring Scout from its infancy and now is the right time for us to hand the business on for its next growth chapter. We fully expect to see Scout become a very prominent figure in the US renewables landscape in the coming years.”
Bank of America and KeyBanc Capital Markets acted as Quinbrook and Scout’s exclusive financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel to Quinbrook served as legal advisor. V&E served as legal advisor to Brookfield Renewable.