Brookfield's TerraForm Power Accelerates U.S. Development with Acquisition of Sun Tribe Development
NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) -- TerraForm Power, an affiliate of Brookfield Asset Management and a leading developer, builder and operator of renewable power, today closed on its acquisition of Sun Tribe Development, a mid-sized utility-scale solar and storage developer based in Virginia.
With the transaction, TerraForm Power is initiating a new growth strategy, more than doubling its development pipeline to over 6,000 MW of solar and battery energy storage and strengthening its capabilities.
Mark Noyes, CEO & President, TerraForm Power: "I'm excited by today's news welcoming Sun Tribe Development into the fold to deliver on TerraForm Power's new high-growth strategy in the U.S. market. Together, we'll rapidly expand TerraForm Power's footprint across the U.S. to meet this moment and deliver much-needed, domestically sourced power to support digitalization and reindustrialization in the country. Sun Tribe Development's portfolio complements our existing development pipeline and enhances our position as a partner of choice to the largest buyers of clean power."
Sun Tribe Development's track record includes over 800 MW of projects since inception in 2019 and a pipeline of 4,100 MW across the Mid-Atlantic and Southeast U.S. Their partners have included Duke Energy, Dominion Energy and The Nature Conservancy.
Danny Van Clief, CEO, Sun Tribe Development: "Today's announcement is the result of the team's outstanding achievements in renewables development since our founding in 2019, and reflects the promise of an exciting future as part of TerraForm Power. Our companies share a commitment to building exceptional teams and delivering legacy-grade renewable energy projects that serve local communities and help meet rising electric demand with affordable, domestic, clean power."
For more information, visit terraform.com.
About TerraForm Power
TerraForm Power, a controlled affiliate of Brookfield Asset Management, is a leading owner, operator and producer of renewable energy in North America. The company's portfolio contains 3,400 MW of utility-scale wind, solar, and battery storage facilities with operations in 23 U.S. states and Ontario, Canada. Terraform Power's high-quality diversified assets generate significant organic cash flow, and support repowering, co-location and hybridization opportunities within its broad existing footprint, as well as greenfield development. The company has a high-quality, approximately 6,000 MW renewable development pipeline and is well positioned to meet surging electricity demand. For more information, please visit: terraform.com.
About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE:BAM, TSX:BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. Brookfield operates Brookfield Renewable Partners (NYSE:BEP, TSX:BEP), one of the world's largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities and our sustainable solutions assets include our investment in a leading global nuclear services business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.
Contact for Investors/Media:
TerraForm Power Operating, LLC
[email protected]
