Brookfield Renewable Partners [TSX:BEP], is considering a sale of its North American decarbonization-as-a-service platform Luminace, said four sources familiar with the situation.

Two of the sources said BEP is also considering a capital raise for the New York-based platform.

Toronto-based BEP has not hired an investment bank, three of the sources said.

In its 2Q24 earnings report, BEP said it expects “to sell a number of assets this year,” generating about USD 3bn of proceeds – USD 1.3bn net to BEP. It did not state which assets it plans to sell beyond a 67 MW portfolio of wind assets in the United Kingdom, a 90 MW portfolio of hydroelectric assets in Brazil, and a 6 MW distributed generation asset in the US.

Deals in the renewables space such as BEP’s acquisition of Exelon Generation in 2021 have commanded 12x-13x EBITDA multiples, said one of the sources, noting that Duke Energy Renewables was sold for about 9x EBITDA.

Luminace made two acquisitions in March, according to Mergermarket data. It acquired three photovoltaic plants in upstate New York from RIC Energy and two solar photovoltaic plants with a combined capacity of more than 10 MW from ECA Solar. Terms for both deals were not disclosed.

The total investment in the RIC Energy projects will be more than USD 50m, while the investment in the ECA Solar projects is expected to be more than USD 25m, Luminace said at the time of the acquisitions.

BEP declined to comment. Luminace did not respond to a request for comment.