Brookfield Renewable to invest up to $1 billion in Isagen

Brookfield Renewable BEPC said on Friday it will invest up to $1 billion to increase its stake in Colombian energy company Isagen S.A to about 38%.

As a part of the deal, Qatar Investment Authority (QIA), an existing co-investor in Isagen, will also invest about $500 million and increase its equity interest in Isagen to about 15%.

The investment will be funded through a combination of proceeds from non-recourse financings at the business and available liquidity, Brookfield said.

Isagen generates stable and contracted cash flows from its large fleet of hydro assets. In addition, it also has a pipeline of renewable power projects, to support Colombia's growing power needs.