Brookfield buys US renewable energy developers for $1.5 billion

One of the world’s biggest clean energy investors is buying a pair of US renewable energy developers for $1.5 billion, in bets that add to the money pouring into the projects despite market volatility this year.

Brookfield Asset Management renewable energy unit acquires wind and solar company Explore clean energy LLC for $1 billion. It is also to buy Solar Standard Inc. for $540 million, company officials said, after initially saying they would pay $530 million. Brookfield could invest more than an additional $500 million in the two companies to help them grow faster, he said.