Innogy opens US onshore account
EverPower Wind acquisition provides 2GW portfolio of wind projects
Innogy and UK private equity investor Terra Firma Capital Partners have signed an agreement to acquire all the shares in EverPower Wind Holdings’ US onshore business, which has a 2GW portfolio at various stages of development.
The acquisition is subject to approval by the US government’s Committee of Foreign Investment in the US and is expected to close in the second quarter of 2018.
No details of the transaction price have been disclosed.
Innogy said the wind portfolio will “serve as a strong foundation for … long-term growth in the US”.
The company will commercially assess every project and review options regarding the ownership and financing structure to “maximise value for the company and shareholders”.
Innogy US Renewables chief executive Andrew Young said some 500MW of projects are at an advanced stage of development and are expected to be operational by 2020.
“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.”
Innogy chief operating officer Hans Bunting said: “We are very pleased to have made our first acquisition in the US. And this is just the beginning.”
The company added that it is also investigating opportunities for offshore wind and solar in the US and plans to enter other renewables markets, such as Canada.