Brookfield Renewable Partners acquisition of Duke Energy was awarded Renewables Acquisition of the Year, with judges saying it was the natural winner of the category.

Judges said the deal was acknowledged due to its scale and complexity.

Members of the judging panel also were impressed that the deal came amid a slowdown of mega deals in the renewables space.

Brookfield completed the $2.8 billion acquisition of Duke Energy Renewables from Duke Energy in October (2023). The deal included 5,900MW of operating and under construction wind, utility scale solar and storage assets, and a 6,100MW development pipeline.

The submission said: “The robust development pipeline is comprised of projects set to achieve commercial operations between 2023 and 2028. As projects from the development pipeline reach operation, they will move to the operating portfolio, further increasing the operating portfolio’s cash flow and diversity. Through the acquisition, Brookfield will also acquire Duke Energy’s in-house development, asset management, and operations and maintenance team.”

Judges said this is a transformational acquisition, which immediately increases Brookfield’s renewable energy presence in North America.

 In support of the transaction, Brookfield closed an about $870 million acquisition financing with Mizuho, RBC, SMBC, TD and Wells Fargo. Mizuho acted as Left Lead Arranger and Administrative Agent on the acquisition financing.

Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 31,600MW of installed capacity and a development pipeline including approximately 131,900MW of renewable power assets.

Advisers to Duke Energy on the acquisition deal:

• Morgan Stanley & Co – financial 
• Wells Fargo Securities – financial
• Skadden, Arps, Slate, Meagher & Flom – legal

Advisers to sponsor:

• Cravath Swaine & Moore – legal

Advisers to lenders:

• Milbank – legal