Invenergy Wind sells stakes in five wind projects to TerraForm Power

Invenergy Wind LLC announced Dec. 16 the sale of 832 MW (net) of wind power plants to TerraForm Power Inc., an owner and operator of clean energy power plants.

This 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 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 covers 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% 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% 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.

Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in the Americas, and Europe. Invenergy’s home office is located in Chicago and it has regional development offices in the United States, Canada, Mexico, Japan and Europe. Invenergy and its affiliated companies have developed more than 10,300 MW of projects that are in operation, in construction, or under contract, including wind, solar, and natural gas-fueled power generation projects and energy storage facilities.

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.