innogy has completed the acquisition of EverPower Wind’s US onshore wind development business through its wholly-owned subsidiary, Innogy Renewables US.
Image: A wind farm in operation. Photo: courtesy of 2nix/Freedigitalphotos.net.
Marathon Capital (“Marathon”) acted as an exclusive financial advisor to innogy on the transaction. The transaction has been approved by governmental regulatory bodies. Following this acquisition, innogy has become the sole owner of more than 2,000 MW of onshore wind projects in various stages of development.
Innogy Renewables US LLC, led by CEO Andrew Young, was established in 2016 and now consists of a team exceeding 40 colleagues, including those who joined from the EverPower development team.
The pipeline of wind projects is located across eight states (Maine, Maryland, Montana, New York, Ohio, Pennsylvania, Washington and Wyoming) with three in late stage development – Cassadaga (~126 MW), Baron Winds (~270 MW) in New York and Scioto Ridge (~200 MW) in Ohio. These projects are expected to be fully operating by 2020, with Scioto Ridge being the first targeted for 2019.
In addition to working with innogy on this acquisition, Marathon will work with innogy in raising project financing for the most mature projects.
Marathon Capital managing director Ari Pribadi said: “It was a pleasure to work with the smart and highly-dedicated innogy team members in US and Europe on this important transaction.
“This acquisition puts innogy in an enviable position to grow market share in the most exciting wind markets in the US. We look forward to working together with innogy in financing the late-stage projects.”
Source: Company Press Release