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North American Renewable Energy Company Made An Incredible Business Projection Involving Solar Energy
Brockfield Renewable is a global leader in hydroelectric power generation. It has 7.9 gigawatts (GW) of hydroelectric plants in operation, accounting for 64% of its cash generation. It is also a significant producer of wind energy, with 4.7 GW of installed capacity, contributing to 27% of its annual generation. However, management believes that solar energy could surpass them in importance for the company in the coming years.
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Brookfield Renewable
The company has acquired or developed 3 GW of solar energy projects in the last five years. It built this portfolio in various ways, but one of its most notable moves was acquiring TerraForm Power and TerraForm Global. The company also formed two joint ventures. In 2018, it joined forces with leading global logistics provider GLP in a 50-50 partnership to develop rooftop solar projects in China. Meanwhile, last year, it acquired a 50% stake in global solar project developer X-Elio.
Brookfield Renewable also acquired several solar energy development projects in Brazil last year, including recently signing an agreement to purchase a 1.2 GW project, one of the largest in the world. As a result, the company has around 10 GW of solar projects in development, positioning this energy source on track to become a much more significant part of the company’s financial landscape.
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A Future Powered By Solar Energy
CEO Sachin Shah highlighted the rapid growth of the company’s solar energy business in his letter to investors for the second quarter: As a result of technological advances and reductions in construction costs, solar energy can sustain itself without subsidies and, more importantly, is now among the lowest cost conventional energy sources worldwide. To put this into perspective, the costs for solar energy over the last five years – the period in which we built our solar energy business – have dropped from over $4 per watt to install, to less than $1 per watt in almost all jurisdictions around the world.
