Brookfield Asset Management has been actively engaging investors in raising a private yieldco vehicle which would be supported by operating projects from the asset manager’s extensive roster of clean energy portfolio companies, said three sources familiar with the situation.

Brookfield and its related vehicles have turned into a de-facto backstop bid for clean energy platforms globally in recent years, while its global fundraising presence continues to climb having reached final close on its second energy transition fund, Brookfield Global Transition Fund II (BGTF II) with USD 20bn in commitments.

Amidst high interest rates, tariff uncertainty and sunsetting tax credits in the US, the equity investment thesis in utility-scale development platforms has run dry. At the same time, global platforms ranging from Cubico to Lightsource bp have not fetched much interest. Hence, a yieldco vehicle would represent an opportunity for Brookfield to tap into its investor base while recycling capital using its trove of clean energy assets, noted those same sources.

In a November 2025 presentation, Brookfield Renewable Partners, a publicly-traded vehicle which holds economic stakes in Brookfield’s clean energy portfolio reported controlling 17.4 GW of operational wind projects, 14.7 GW of operational solar assets, 2.3 GW of storage assets, 8.3 GW of hydro-electric assets and 6 GW of operational distributed energy assets.

Since 2022, Brookfield has acquired all of or a majority stake in the following US utility-scale platforms: Urban Grid, Scout Clean Energy, Deriva Energy (formerly Duke Energy), Origis Energy, Geronimo Power (formerly National Grid Renewables) and community solar leader Standard Solar.

This didn’t include a deal reached in December 2024, in which Brookfield announced the signing of a purchase and exclusivity agreement with PJM developer SunEnergy1 for the acquisition and construction of a 510 MW of utility-scale solar projects in North Carolina and Virginia, nor its investment in TerraForm Power.

Globally, while Brookfield had talked to advisors in the fall about selling Spanish-based developer X-Elio, it still controls 100% of the company after acquiring the 50% stake in the company it did not already own in 1Q23.

Brookfield took a majority stake in in French-based Neoen in early 2025, though the company announced in November it sold a 760 MW portfolio of French operating assets to Eni’s Plenitude platform.

Brookfield remains a giant in infrastructure and energy transition in 2025 as, through September 30, it raised USD 30bn, deployed USD 30bn and monetized USD 11bn at approximately 20% returns. Post-quarter, BAM announced it reached final close for Brookfield Global Transition Fund II (BGTF II) raising USD 20bn.

With respect to a yieldco, Brookfield reached a deal earlier this year on its DG platform Luminace, where it brought in a new investor in Temasek and split the company into a operating company and development company.

Brookfield, Scout and Deriva declined comment on the situation. None of the other portfolio companies returned calls seeking comment.