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Terra Firma Sells EverPower Wind Holdings’ Development Pipeline

Power News - Published on Fri, 29 Dec 2017

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Terra Firma Capital Partners has sold all of the shares in EverPower Wind Holdings’ onshore wind development pipeline to Germany’s Innogy. The deal is subject to approval by the Committee on Foreign Investment in the United States with estimated closing of the transaction in the second quarter of 2018. With this latest acquisition, Innogy will become the sole owner of more than two GW of onshore wind projects in various development stages. The company feels this portfolio will serve as a strong foundation for Innogy’s long-term growth in the US.

Mr Andrew Young CEO of Innogy US Renewables said that “This acquisition is a unique opportunity to combine the portfolio strength of more than 20 projects across seven states…with Innogy’s technical experience, and financial strength to fuel growth in the US with the continued support of the Pittsburgh based core team, who will join the Innogy family.”

It was announced earlier this month that Terra Firma had sold the portfolio of operating assets of EverPower, to a fund managed by BlackRock Real Assets. BlackRock acquired 752 MW of wind assets across seven sites in Pennsylvania, Illinois, California and New York, in the deal.

Mr David Giordano, BlackRock’s Head of Renewable Power, Americas & APAC, said of the deal that “This transaction demonstrates BlackRock’s continued focus on investing in renewable power investments, which currently amount to nearly USD 5 billion of equity assets under management. The seven operating onshore wind farms that we have agreed to acquire from EverPower will provide our clients with strong geographic diversification in fundamentally sound, strategically advantaged assets.”

Terra Firma bought EverPower from Swiss investment firm Good Energies in an all-equity deal worth USD 350 million in 2009, according to Privae Equity News.

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Posted By : Nanda Koijam on Fri, 29 Dec 2017
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