ArcLight Capital Partners LLC on Oct. 28 announced the closing of the transaction between its newly formed portfolio company, Leeward Renewable Energy LLC, and Infigen Energy to acquire Infigen’s U.S. wind assets.
The current portfolio is made up of equity interests in eighteen U.S. wind farms with a total installed capacity of approximately 1,557 MW, of which Infigen’s interests comprise 1,089 net MW. In addition, the acquisition includes Infigen’s U.S.-based asset management and operations business.
“This creates a growth opportunity for our wind business in the U.S.,” said Leeward Renewable Energy President David Smith. “We are pleased to join forces with ArcLight to efficiently and cost-effectively manage our existing assets while evaluating opportunities for growth.”
“ArcLight established Leeward Renewable Energy to acquire all of Infigen’s operating U.S wind business, including its capable management and operations team, and to serve as a platform for future acquisitions in the renewable energy sector,” said Dan Revers, Managing Partner of ArcLight Capital Partners.
Latham & Watkins LLP served as legal counsel and Ernst & Young LLP provided tax and accounting advice to ArcLight on the transaction. UBS Investment Bank was exclusive financial adviser and Skadden, Arps, Slate, Meagher & Flom LLP was legal counsel for Infigen on the transaction.
The Federal Energy Regulatory Commission on Sept. 23 approved this deal. The involved project companies include:
- Allegheny Ridge Wind Farm LLC owns and operates an 80-MW facility located in Cambria and Blair counties, Pennsylvania;
- Crescent Ridge LLC owns a 54-MW facility located in Bureau County, Illinois;
- GSG LLC owns an 80-MW facility located in Lee and LaSalle counties, Illinois;
- Mendota Hills LLC owns a 52-MW facility located in Lee County, Illinois.
- Aragonne Wind LLC owns and operates a 90-MW facility located in Guadalupe County, New Mexico, within the Public Service Co. of New Mexico (PNM) balancing authority area.
- Blue Canyon Windpower LLC owns and operates a 74-MW facility located in Comanche and Caddo counties, Oklahoma, in the Southwest Power Pool market.
- Caprock Wind LLC owns an 80-MW facility located in Quay County, New Mexico, within the Southwest Power Pool market.
ArcLight is one of the leading private equity firms focused on North American energy infrastructure assets. Since its establishment in 2001, ArcLight has invested over $13.1 billion across multiple energy cycles in more than 90 investments. Headquartered in Boston, Massachusetts, with additional offices in Luxembourg, the firm’s investment team brings extensive energy expertise, industry relationships, and specialized value creation capabilities to its portfolio.