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.
“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,” stated Andrew Young, CEO of Innogy US Renewables.
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.
David Giordano, BlackRock’s Head of Renewable Power, Americas & APAC, said of the deal, “This transaction demonstrates BlackRock’s continued focus on investing in renewable power investments, which currently amount to nearly $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 $350 million in 2009, according to Privae Equity News.