Invenergy, in partnership with CDPQ and funds managed by Blackstone Infrastructure, has entered into an agreement with American Electric Power to acquire its 1365MW unregulated renewables portfolio.
The portfolio of contracted operational assets is valued at $1.5bn, including project debt, with the sale expected to close in the second quarter of 2023.
The portfolio, the largest ever acquisition for Invenergy, includes 14 projects in 11 states and is comprised of 1200MW of wind generation and 165MW of solar projects.
The renewable power generated by these projects is contracted under long-term agreements with various utilities, corporations and municipalities.
“Invenergy is proud to bring our industry-leading development, financial, and operating expertise to this quality renewable operating portfolio,” said Jim Murphy, President and Corporate Business Leader at Invenergy.
“Our longstanding record of working with AEP, familiarity with the portfolio projects, and the strength and cohesiveness of our investor consortium led to this significant agreement.”
Invenergy and its partners in the deal secured committed financing to support this acquisition from Banks including Santander.