Singapore state investment firm Temasek is acquiring half of Brookfield’s North American distributed energy generation platform for an unspecified sum.
Temasek has agreed to acquire the 50% stake from Brookfield, which has owned the company since 2017.
Luminace, described as the largest distributed energy generation platform in North America, manages a portfolio spanning more than 1,700 sites and over 500 customers in 32 markets across the US and Canada.
The company’s capacity comprises 1.5GW of operating assets, approximately 300MW of late-stage development assets and more than 2GW in its development pipeline.
As part of the transaction with Temasek, Luminace will be separated into two independent companies, one owning the operating assets and the other the development assets and pipeline. Temasek’s investment comprises separate commitments to the operating and development businesses.
Jane Atherton, Temasek’s head of North America, said: “Temasek’s investment in Luminace is aligned with our focus on core-plus infrastructure, as the world’s need for reliable energy, digital connectivity and modern infrastructure continues to grow. We believe these assets are fundamental to supporting economic progress and resilience.
“This transaction builds on our longstanding partnership with Brookfield and supports the ongoing development of distributed energy solutions in North America.”
Earlier this year, CIO Rohit Sipahimalani told IPE Real Assets how Temasek is currently focusing on core-plus infrastructure in the digital and energy sectors.
Jehangir Vevaina, Brookfield’s CIO for renewable power and transition, said: “Temasek has been a committed partner to Brookfield for many years, particularly within our transition investing strategy.
“They will be a fantastic shareholder and partner, helping to drive forward investment in critical distributed energy generation assets across North America.”
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