Marathon Capital helped work out sale of two U.S. wind farms

Wind Capital Group LLC, part of Dublin-based renewable energy investor NTR plc, has agreed to sell 350 MW of operating U.S. wind assets to Pattern Energy Group Inc. for a total consideration of $244 million.

The assets consist of Post Rock in Kansas and Lost Creek in Missouri, which have been operating for an average of over three years. The sale of these assets is subject to regulatory approval and certain commercial consents.

Marathon Capital announced April 9 that it acted as the exclusive financial advisor to Wind Capital Group and NTR, conducting a controlled sale process to maximize value to the shareholders.

“Marathon’s experience, industry technical knowledge, professionalism and thoughtfulness helped us achieve a tremendous result for our shareholders,” said David Boyce, CEO of Wind Capital Group. “Wind Capital is extremely pleased with the Marathon-led process to sell these two assets.”

“It has been a privilege to work with WCG and NTR on this transaction. These great assets were developed, built, and operated by a highly experienced team and have found a suitable long-term home within Pattern Energy,” said Ted Brandt, CEO of Marathon Capital.

Marathon Capital is a leading financial advisory and investment banking firm focused on providing financial advice in the areas of M&A, structuring and raising debt, equity, tax equity capital, financial restructuring, and workout situations in the global energy and infrastructure markets.

Lost Creek Wind LLCPost Rock Wind Power Project LLC and Pattern US Finance Co. LLC on April 6 asked for Federal Energy Regulatory Commission authorization for a transaction in which Wind Capital Group will sell or cause to be sold, and Pattern Finance will purchase, the indirect, controlling ownership interests in Lost Creek and Post Rock. As a result of this planned transaction, Post Rock and Lost Creek will become indirect, subsidiaries of Pattern Finance. They asked FERC for an approval by May 8 so the deal can be closed soon thereafter.

  • Lost Creek owns and operates an approximately 150-MW wind facility located in Dekalb County, Missouri, within the Associated Electric Cooperative Inc. (AECI) balancing authority area. The Lost Creek Facility commenced commercial operations in May 2010. Lost Creek sells 100% of its output to AECI under a long-term power sales agreement.
  • Post Rock owns and operates an approximately 201-MW wind facility in Ellsworth, Lincoln and Rice counties, Kansas, within the Midwest Energy Inc. transmission area, which is part of the Westar Energy Inc. transmission system. The Westar system is located within the balancing authority area of the Southwest Power Pool (SPP). The Post Rock Facility’s generator interconnection facilities include a 32-mile, 230-kV lead line from the project substation in Ellsworth County to the point of interconnection at the Rice switchyard in Rice County, Kansas. The Post Rock Facility commenced commercial operation in October 2012. The full output of the Post Rock Facility is committed to Westar under a long-term contract.
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.