Scout Clean Energy, a developer and asset manager of renewable energy, was acquired for $1 billion Thursday by New-York-based renewable investment firm Brookfield Renewables.
Brookfield acquired Scout from Houston-based Quinbrook Infrastructure Partners, which had purchased Scout for a $6 million initial investment as a startup in 2017. Quinbrook invested an additional $470 million into Scout over the years.
Since then, Scout has experienced 65% year-over-year growth and now manages about 1,235 megawatts across 20 projects, with another 20 gigawatts in development.
“When Quinbrook first decided to sponsor Scout as a portfolio company, we were a very small team with big dreams,” Scout founder and CEO Michael Rucker said in a statement. “With the leadership of David and his team, Scout has been able to rapidly expand its diverse pipeline of wind, solar and battery storage projects across the United States. The accelerated growth Scout has experienced is a direct result of Quinbrook’s support and confidence in our business model. I am forever grateful that David and his specialist investment team at Quinbrook had the confidence to invest and execute on our plan to become a major vertically-integrated developer, owner and operator in US renewables.”
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