With the acquisition of Mt. Storm, CCI now owns and/or provides management services to 13 power generation assets
Image: Photo courtesy of Markus Distelrath from Pixabay.
Castleton Commodities International (CCI) has completed of the acquisition of NedPower Mt. Storm (Mt. Storm) through one of its subsidiaries.
The acquisition, which was made through one of its subsidiaries, enables CCI to gain full ownership of Mt. Storm. In June, CCI acquired a 50% ownership stake in Mt. Storm.
Located 120 miles (193km) west of Washington, D.C. in Grant County, West Virginia, Mt. Storm is a 264MW wind farm. The renewable energy generated by the wind farm is sold into the PJM market.
CCI’s US Power Principal Investments team vice president Chase Horine said: “This is CCI’s second wind farm acquisition this year and we are pleased to add Mt. Storm to our power portfolio.
“CCI has a proven track record of acquiring and optimizing power assets in Europe and North America. Mt. Storm is a high quality asset that diversifies the portfolio and highlights CCI’s expanding renewable footprint.”
With the acquisition of Mt. Storm, CCI now owns and/or provides management services to 13 power generation assets totaling nearly 3.8GW across the US and Europe.
Mercer Thompson acted as legal counsel and Guggenheim Securities acted as exclusive financial advisor to CCI in the transaction involving the acquisition of Mt. Storm.
CCI acquired Sherbino I wind farm in June
In June, CCI closed on the acquisition of the Sherbino I wind farm, which is a 150MW facility in Pecos County, Texas that sells renewable energy into ERCOT.
CCI’s US Power Principal Investments team executive director Arvind Rajpal said: “We are pleased to add this wind farm to our North American power portfolio both for its renewable attributes and the attractive market opportunity it represents.
“CCI’s ability to assess the opportunity and conduct due diligence in a compressed timeframe allowed us to be successful in this transaction.”
In August 2018, the company acquired Ørsted’s 50% ownership stake in the Enecogen power plant in Rotterdam, the Netherlands.
With a capacity of 870MW, Enecogen is a natural gas-fired combined cycle plant (CCGT) that generates power for up to 1.4 million Dutch homes.