Last week, stockholders of TerraForm Power (TERP) approved the previously announced merger between Brookfield Renewable Partners (BEP), Brookfield Renewable Corp. (BEPC) and TERP.
Under the deal, Brookfield Renewable will acquire the remaining outstanding shares of TERP, aside from the 62 percent already owned by Brookfield Renewable and its affiliates.
TerraForm Power owns and operates a renewable power portfolio of solar and wind assets located primarily in North America and Western Europe. The portfolio has more than 4,200 megawatts of installed capacity underpinned by long-term contracts.
The merger was slated to close on July 31.
“We look forward to completing the merger with TerraForm Power,” said Sachin Shah, CEO of Brookfield Renewable. “The transaction is immediately cash accretive and further enhances Brookfield Renewable’s position as one of the largest, publicly traded pure-play renewable power businesses globally.
Shah added: