Fiera buys into 1.1GW EDPR wind
Consortium led by investor takes minority stake in eight-project US portfolio
A consortium led by Fiera Axium Infrastructure has acquired a minority ownership interest in a 1100MW portfolio of operational US wind farms from EDP Renewables.
The portfolio takes in eight assets sited in seven states and all are fully contracted under long-term power purchase agreements with a weighted average life of over 16 years.
EDPR will retain a majority of the cash equity interests in the portfolio and continue to act as the manager of all of the assets.
Joining Fiera Axium in the consortium are Swiss Life Funds Global Infrastructure Opportunities, SICAV-SIF and John Hancock Life Insurance Company.
The transaction follows Fiera Axium's acquisition of a 49% ownership interest of the 97MW Wheat Field project in Oregon from EDPR in November 2013.
"The addition of a stable, yielding portfolio of this calibre is an attractive development for our limited partners and a significant milestone for Fiera Axium as a core infrastructure investor in the United States,” said Fiera Axium vice president Paulo Arencibia.
“We are grateful to the exceptional management and operating teams at EDPR, and to our consortium members, lenders and counsel for working in such a collaborative fashion to execute the transaction.”
In connection with the acquisition, Santander and Prudential Capital Group have provided credit facilities to support the acquisition financing.
Image: EDPR's US projects include the Blue Canyon wind farm in Oklahoma (EDPR)