Brookfield presented a bid of 4,130 pesos per share at the auction on Wednesday at the stock exchange building in Bogota amid protests over the privatization that blocked one of the city’s main roads.
The price matched the minimum set by the Colombian government.
The Toronto, Ontario-based company said in a statement that the purchase price was payable in cash in U.S. dollars on the expected closing date of January 26.
The consortium is required to extend two tender offers to the remaining minority holders, which may mean an additional $517mln funded by its Brookfield Renewable Energy Partners LP unit with cash and debt, according to the statement.
Brookfield Renewable would be left holding a 25% stake with its partners holding the remainder.
“This transaction aligns with our objective of building our global renewable energy business with high quality, predominantly hydro assets,” Sachin Shah, chief executive officer of Brookfield Renewable, said in the statement.
Shares of Brookfield Asset Management rose 0.9% to C$41.75 at 12:40 p.m. in Toronto.