US developer Invenergy has completed the sale of 832MW of wind power to TerraForm Power in a deal worth over $2bn.
This completes a purchase and sale agreement from June 30 2015, though a final closing will be completed early in 2016 for an additional 98MW of projects.
The deal encompasses four power plants, worth 754MW in the US and one 78MW project in Canada.
Invenergy will retain minority ownership by keeping around 10% equity interest and will continue as the operations and maintenance provider for the US-based projects at California Ridge, Bishop Hill, Prairie Breeze and Rattlesnake.
The company will use the proceeds to invest in a new development pipeline.
“This transaction highlights our tremendous recent momentum and growth as a developer, owner and operator of power generation and storage solutions,” said Invenergy chief executive Michael Polsky.
“This milestone further positions Invenergy for continued leadership in providing scalable, clean-energy solutions for years to come.”
Invenergy finance officer Jim Murphy said: “We are pleased to complete this transaction with TerraForm Power.
“We look forward to our continuing ownership and operating role with these high-quality projects.”
Image: California Ridge (Invenergy)
Invenergy offloads 832MW
Wind deal with TerraForm includes four US power plants and one in Canada
By EBS