North American renewables investor Excelsior Energy Capital has acquired a majority stake from Invenergy in the 109MW Prairie Breeze 2 and 3 wind farms in Nebraska.
Under the terms of the deal, Excelsior has bought 90.1% of Invenergy’s sponsor equity interests in the two projects, which are located in Antelope and Boone counties.
Excelsior also closed on back-leverage financing for the deal with Nord/LB.
The projects, which feature GE 1x hybrid class hardware, have been operating since 2015 and 2016 and have 25-year power purchase agreements with Lincoln Electric Systems and City of Grand Island.
Bank of America Merrill Lynch is the tax equity investor in the projects, Excelsior said.
Invenergy will remain as part-owner of the sponsor equity interests in the projects, and Invenergy Services will continue to provide operations and maintenance and asset management.
Excelsior partner Ryan Fegley said: “Excelsior is pleased to close on the acquisition of the Prairie Breeze 2 and 3 wind project interests from Invenergy, along with the supporting debt financing with Nord/LB.
“Both closings are further examples of Excelsior’s ability to execute on its strategy to acquire and finance high-quality renewable power projects with stable, long-term contracted cash flows.”
Orrick, Herrington & Sutcliffe served as legal counsel for Excelsior.
Invenergy senior vice president of finance and capital markets Meghan Schultz said: “Invenergy has a strong development and operations track record in Nebraska, and Prairie Breeze 2 and 3 are a large part of that success.
“We look forward to continued successful operation of these projects in partnership with Excelsior.”
Nord/LB senior director Sondra Martinez said: “Nord/LB is excited to support Excelsior on this important transaction. It builds upon the bank’s long-standing track record with Invenergy and our experience in financing wind projects.
“We look forward to working with Excelsior as it expands its renewables portfolio in the Americas.”