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Innogy expands into US renewables market with 2-GW wind portfolio acquisition


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Innogy expands into US renewables market with 2-GW wind portfolio acquisition

Germany-based innogy SE acquired an onshore wind pipeline of more than 2 GW, complementing its strategic growth plan in the U.S., the company said in a Dec. 22 news release.

Innogy and Terra Firma Capital Partners Ltd. contracted with EverPower Wind Holdings Inc. to purchase all of EverPower's shares in its 20 land-based wind projects in Maine, Maryland, Montana, New York, Ohio, Pennsylvania and Wyoming.

"The project pipeline includes more than 500 MW in advanced stages of development targeted to become operational by 2020 thanks to the hard work of the EverPower team, the backing of Terra Firma, and the assistance of innogy by Marathon Capital LLC in this transaction," innogy US Renewables CEO Andrew Young said in the news release.

This acquisition is the company's first expansion move since it established its U.S. subsidiary, innogy Renewables US LLC, in 2016. EverPower employees in the company's Pittsburgh office will become innogy employees. The financial details were not disclosed.

According to S&P Global Market Intelligence data, EverPower owns seven operating wind facilities in the U.S., with four in Pennsylvania, totaling more than 750 MW of generating capacity.

Subject to approval by the U.S. Committee on Foreign Investment in the United States, the transaction is expected to close during the second quarter of 2018.