Brookfield finalises Irish wind buy

Brookfield Renewable Energy Partners has completed its €700m ($960m) acquisition of Bord Gáis’s wind portfolio in Ireland, catapulting the Canadian asset owner into a position of prominence within the European renewables sector.

The transaction makes Brookfield the owner of 321MW of operating wind capacity spread across 17 projects in Ireland and Northern Ireland, a figure expected to grow past 500MW over the next few years.

Announced in March, the Bord Gáis deal is Brookfield’s first outside the Americas.

But Toronto-listed Brookfield, which owns nearly 7GW of renewables capacity in Canada, the US and Brazil, most of it hydro, has made plain its intention to continue investing in European renewables.

The deal came as part of the wider privatization of state-owned Bord Gáis, with UK energy giant Centrica buying Bord Gáis’s retail business, as the Republic of Ireland looks to pay down its national debts.

Bord Gáis became one of Ireland’s largest wind operators in 2009 by buying the portfolio of SWS, a local developer.