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The transaction has an equity purchase price of US$545mn, the New York-listed firm said in a statement on Thursday.
The portfolio includes 163MW of hydropower, 150MW of wind and 175MW of biomass plants.
"[We] will acquire and fund the transaction with [our] institutional partners and maintain an economic interest in the portfolio of approximately 40%," Brookfield said.
Expected to be finalized early next year, the acquisition will be funded via Brookfield's own capital and institutional partners.
According to company CEO Richard Legault, the average length of contracts in the portfolio is 10 years.
"Brazil remains a long-term growth market in need of new supply and we remain well positioned to find accretive growth opportunities," Legault said.