Invenergy Wind LLC (Invenergy) has completed the sale of 832MW (net) of wind power plants to TerraForm Power, Inc., an owner and operator of clean energy power plants. The announcement represents the closing of a purchase and sale agreement originally executed on June 30, 2015. A final closing for an additional 98 MW (net) of projects is scheduled to be completed in early 2016. Proceeds from the transaction will be reinvested in Invenergy's industry-leading development pipeline. The total enterprise value of the transaction is more than $2 billion.
"This transaction highlights our tremendous recent momentum and growth as a developer, owner and operator of power generation and storage solutions," said Michael Polsky, Invenergy founder, president and chief executive officer. "This milestone further positions Invenergy for continued leadership in providing scalable, clean-energy solutions for years to come."
The closing encompasses four power plants, representing 754 MW (net) in the United States and one 78 MW project in Canada. As part of the agreement, Invenergy is retaining an approximately 10 percent equity interest and will continue as the operations and maintenance provider for the U.S.-based projects: California Ridge, Bishop Hill, Prairie Breeze and Rattlesnake. Invenergy and other owners sold 100 percent interests in the Canadian project, Raleigh.
"We are pleased to complete this transaction with TerraForm Power," said Jim Murphy, Invenergy's Chief Financial Officer and Operating Business Group President. "We look forward to our continuing ownership and operating role with these high-quality projects."
For Invenergy, the close of this transaction closely follows the announcement of three power purchase agreements totaling 450 MW with commercial and industrial customers Google, Owens Corning and Equinix Data Centers and caps off a two-year period where according to Bloomberg New Energy Finance, Invenergy led all companies in new wind project development and financing.
