Brookfield Renewable (NYSE: BEP)(NYSE: BEPC) has agreed to sell its onshore wind operations in the U.K. and Ireland to Danish renewable energy developer Orsted. The deal, which values the business at $683.6 million, is part of Brookfield Renewable’s capital recycling program of selling mature assets and redeploying the proceeds into higher-returning opportunities.
Brookfield initially purchased its onshore wind operations in Ireland and the U.K. in 2014. At the time, Europe was experiencing a financial crisis, enabling Brookfield to take advantage of the opportunity to purchase a high-quality wind-farm operating and developing company in the region. It has grown that business via development projects and acquisitions, largely financed by internal capital recycling. The business currently has 389 megawatts (MW) of operating onshore wind farms, 149 MW under construction, and more than 1 gigawatt in its development pipeline.