Brookfield is nearing an agreement to buy French renewable energy provider Neoen for $6.6 billion (NYSE:BAM)

Brookfield Asset Management (NYSE: BAM) announced on Thursday that it has entered into exclusive talks with Brookfield Renewable Partners (BEP) and Singapore’s Temasek Holdings to acquire a 53% stake in Neoen (OTCPK:NOSPF), a renewable energy company a transaction that values ​​the capital of the French company at ~6.1 billion euros ($6.59 billion).

If successful, Brookfield (BAM) (BEP) said it plans to make an all-cash mandatory tender offer for all outstanding shares and outstanding convertible notes.

“Our board of directors fully welcomes this transaction,” said Xavier Barbaro, president and CEO of Neoen (OTCPK:NOSPF).

Brookfield’s (BAM) (BEP) plan is to “use our capital to accelerate” the growth of Neoen (OTCPK:NOSPF) to “meet the growing demand we continue to see for green energy,” Connor Teskey, group head of power and transformation – he told Bloomberg.

Neoen (OTCPK:NOSPF) has grown into one of the largest independent renewable energy producers and has raised hundreds of millions of euros to finance its growth through an initial public offering in 2018 and a subsequent share sale.