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Brookfield Invests $389 Million in Vermont Developer Encore

Christopher Ballard, managing director of Check Capital Management talks about Brookfield stocks hit a record high after beating earnings expectations.

(Bloomberg) -- Encore Renewable Energy, a clean power developer, lined up $389 million in loans and tax-equity financing from Brookfield Asset Management Ltd. to expand its portfolio of community-scale solar and battery storage projects.

Brookfield’s investment is expected to support 25 projects across Vermont, New Hampshire, Maine, Illinois and New York, according to Blake Sturcke, co-chief executive officer of Burlington, Vermont-based Encore. The capital will come through Brookfield’s infrastructure debt platform.

The deal announced Wednesday will help Encore as it seeks to transition to an independent power producer that owns and operates clean-energy assets. Its first two solar farms went into service last month in Maine.

“This financing is going to help us drive toward putting over a half-gigawatt of assets under our balance sheet over the next several years,” Sturcke said in an interview.

(Updates with details of funding in second paragraph.)

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