Invenergy Wind has completed the sale of 832 megawatts of wind farms to TerraForm Power, with a further 98MW due to be completed in early 2016.
The deal comprises four power plants, representing 754MW in the United States and a 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% interest in the Canadian project, Raleigh.
The total enterprise value of the transaction is more than US$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.