Brookfield Renewable (NYSE: BEPC)(NYSE: BEP) is no stranger to making acquisitions. The leading global renewable energy producer has made several over the past couple of years. Those deals have the company on track to generate meaningful earnings growth again in 2024.

The company just made another game-changing move. It's buying French renewable energy developer Neoen in a $6.5 billion deal. The two-phased transaction will enhance the company's already robust long-term growth outlook.

Brookfield Renewable and some partners (its parent, Brookfield Asset Management, and Singapore's state investment company Temasek) recently struck a deal to acquire a majority stake in Neoen from some of its largest shareholders. The company will initially purchase about a 53% interest in the French renewable energy developer in a deal valuing the company at $6.5 billion. That's a 27% premium to its trading price before rumors surfaced that Brookfield sought to buy the company in May.

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Source Fool.com