Emera completes sale of 49% stake in wind energy company

Utility holding company Emera Inc. (TSX: EMA) said Jan. 29 that the sale of its 49% interest in Northeast Wind Partners II LLC to First Wind Holdings LLC has closed.

The proposed sale was announced in November 2014. Northeast Wind owns and operates 419 MW of wind generating assets located in the northeast United States. First Wind purchased Emera’s interest in Northeast Wind for US$223.3m. Emera’s carrying value of its 49% interest as of Dec. 31, 2014, was US$204.4m.

This deal was part of a two-step transaction where First Wind bought Emera out of their partnership in Northeast Wind, then First Wind sold itself to SunEdison and SunEdison’s “yieldco” affiliate TerraForm Power. SunEdison/TerraForm Power separately announced on Jan. 29 that their buy of First Wind has closed.

Emera is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia. The company invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy services. Emera’s strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera has investments throughout northeastern North America, and in four Caribbean countries.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.