innogy has signed an agreement with Terra Firma Capital Partners to acquire all shares in EverPower Wind Holdings’ US onshore wind development business.
The company has purchased the wind projects as part of its strategy of expanding in the US market, but the agreement is still subject to approval by the US government’s Committee on Foreign Investment in the United States (CFIUS).
If approved, the transaction will be completed by the second quarter of 2018 and the company will have a total of over 2GW of onshore wind projects located in the US.
Chief Operating Officer Renewables of innogy SE, Hans Bünting said, “The US market is one of our key strategic growth areas for renewables. Establishing our subsidiary, Innogy Renewables US LLC, in 2016 was our first step to enter this market. The acquisition of EverPower’s impressive pipeline is a logical step consistent with our commitment. We are very pleased to have made our first acquisition in the US. And this is just the beginning.”
CEO of Innogy US Renewables, Andrew Young said, “This acquisition is a unique opportunity to combine the portfolio strength of more than 20 projects across seven states (Ohio, Pennsylvania, Montana, New York, Wyoming, Maryland, Maine) with innogy’s technical experience, and financial strength to fuel growth in the US with the continued support of the Pittsburgh based core team, who will join the innogy family. The project pipeline includes more than 500 MW in advanced stages of development targeted to become operational by 2020 thanks to the hard work of the EverPower team, the backing of Terra Firma, and the assistance of innogy by Marathon Capital, LLC in this transaction.”