Brookfield Renewable Energy Partners L.P is to take control of hydro assets totaling 163MW in Brazil as part of a wider deal to acquire a 488MW diversified renewable energy portfolio in the country.

The large-scale portfolio included in the deal – which has a total enterprise value of approximately $R2.4 billion (US$935 million) – includes the hydro assets, together with 150MW wind and 175MW biomass projects, as well as 55MW biomass plant expansion in the near-term.

Brookfield Renewable said it will acquire and fund the transaction with its institutional partners and maintain an economic interest in the portfolio of approximately 40%.

"This is an attractive opportunity to acquire a diversified portfolio of renewable operating assets in a market we know well, and with an average contract duration of 10 years," said Richard Legault, President and CEO of Brookfield Renewable. "Brazil remains a long-term growth market in need of new supply, and we remain well positioned to find accretive growth opportunities."

The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the first quarter of 2015.