TORONTO—Brookfield Renewable Energy Partners L.P. has bought a stake in a major portfolio of hydroelectric assets from the Colombian government.
Along with its institutional partners, Brookfield Renewable purchased the controlling 57.6 per cent stake in Isagen S.A. for US$2.2 billion.
The third-largest power generation company in Colombia, Isagen operates a portfolio of mostly hydroelectric facilities with generating capacity of 3,032 megawatts. It also has a 3,800 MW development portfolio in the South American country.
“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,” Sachin Shah, the company’s CEO, said. “This transaction aligns with our objective of building our global renewable energy business with high quality, predominantly hydro assets.”