The deal is expected to be completed in December 2019 upon meeting certain closing conditions
Excelsior Energy Capital has agreed to acquire 90.1% of the sponsor equity stake in 109 MW operating wind portfolio from Invenergy in Nebraska.
The US-based renewable energy investor’s North American Renewable Energy Fund will purchase the controlling interest in the Prairie Breeze II and Prairie Breeze III projects located in Antelope and Boone Counties.
Prairie Breeze II and Prairie Breeze III wind facilities have come online in late 2015, and early 2016 respectively.
The wind farms have 25-year power purchase agreements (PPA) in place with Lincoln Electric Systems and City of Grand Island.
Bank of America Merrill Lynch is the tax equity investor in the wind projects.
Excelsior managing partner Chris Moakley said: “Excelsior is pleased to announce this agreement to acquire the Prairie Breeze II & III wind projects from Invenergy.
“This acquisition aligns well with Excelsior’s strategy to acquire high-quality renewable power projects with stable, long-term contracted cash flows from experienced partners like Invenergy.”
For the transaction, Orrick, Herrington & Sutcliffe served as legal counsel for Excelsior, led by Kristin Seeger.
Invenergy will continue to stay as a non-controlling part-owner in the wind facilities and will provide operations & maintenance and asset management through a long-term contract.
The deal is expected to be completed in December 2019 upon meeting certain closing conditions.
Invenergy signs VPPA with AT&T for 300MW Thunderhead wind project
Recently, Invenergy has entered into a virtual power purchase agreement (VPPA) with AT&T to supply clean energy from its 300MW Thunderhead Wind Energy Center in Nebraska.
Presently under construction, the Thunderhead Wind Energy Center will include 108 of GE’s wind turbines.
Commercial operations of the wind farm are expected to begin by the end of next year.
Invenergy claims to have developed over 24GW of projects that are in operation, construction or contracted, including wind, solar, natural gas-fueled power generation and energy storage projects.