innogy has secured approval from the Committee on Foreign Investment in the United States (CFIUS) to acquire 2GW of onshore wind projects in various stages of development from EverPower Wind Holdings.
Image: A wind Turbine. Photo: Courtesy of simon gray/FreeImages.com
The agreement to purchase EverPower Wind from UK-based private equity investor Terra Firma Capital Partners was signed in 2017.
With these acquisitions, innogy will become the sole owner of projects that are located across eight states including Maine, Maryland, Montana, New York, Ohio, Pennsylvania, Washington and Wyoming.
The pipeline of projects includes three wind projects in late stage development, which are 126MW Cassadaga, 270MW Baron Winds in the State of New York and 200MW Scioto Ridge in Ohio.
innogy plans to bring these projects online before the end of 2020. The company stated that Scioto Ridge will be its first US onshore wind project, targeted to begin full construction in early next year.
The company said that it will use its experience in developing, designing, financing, construction and operating of renewables assets both independently and together with project partners and investors.
Besides onshore wind, innogy also plans to increase its scope in the US with offshore wind and solar. Recently, the company secured rights for the solar development projects in the US with a total capacity of 440MW.
innogy renewables chief operating officer Hans Bünting said: “We aim to grow our renewables activities worldwide. With the acquisition of EverPower’s excellent onshore wind pipeline, we have established innogy as a relevant renewables player in the US market, one of our key strategic growth areas.
“Our strengthened team will now focus on execution of our first US wind projects. After commissioning, our wind farms will supply hundreds of thousands of homes with green energy.”
With more that 2.1GW of installed capacity in onshore wind, innogy is one of the major operators of renewables in Europe. Besides, the company’s renewable development pipeline consists of over 7.8GW in total in on- and offshore wind as well as solar.