Funds managed by Greencoat Capital have agreed to acquire a 55% cash equity stake in a 405MW wind portfolio in the US state of Illinois from EDP Renewables for an undisclosed price.
The portfolio comprises the 205MW Bright Stalk and 200MW Harvest Ridge projects.
Bright Stalk entered into commercial operation in December 2019 in the PJM power market, while Harvest Ridge came online in July 2020 in the MISO market.
Vestas will continue to provide turbine operation and maintenance services under 15-year agreements.
EDPR will remain as minority owner with responsibility for the day-to-day management of the wind farms.
The transaction is expected to close in June 2021, with the potential to upsize to 80% subject to agreement between the parties, Greencoat said.
Jefferies acted as exclusive financial advisor to Greencoat on the deal.
In January 2021, Greencoat announced an investment in a 861MW US wind portfolio in joint venture with RWE and Algonquin Power & Utilities Corp.
Further US wind and solar investments are expected, Greencoat said.
The investor said it believes that the “fast growing US renewables market provides interesting investment opportunities, with a range of returns available from differing offtake contracting strategies”.