Under the terms of the agreement, Brookfield will acquire 150MW of operating wind capacity, 163MW of hydropower and 175MW of biomass assets.
Brookfield Renewable president and CEO Richard Legault said: "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.
"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 working capital adjustments and the equity purchase price is $R1.4bn ($545m), net of assumed long-term non-recourse debt.
Brookfield and its institutional partners will acquire and fund the transaction as well as maintain an economic interest in the portfolio of approximately 40%.
Scheduled to be closed in the first quarter of 2015, the transaction is subject to regulatory approvals.
Brookfield Renewable portfolio is primarily hydroelectric and totals approximately 6,700MW of installed capacity.
