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BAL Investment, equity investor close deal for 1,381-MW wind portfolio


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BAL Investment, equity investor close deal for 1,381-MW wind portfolio

Bank of America Corp. subsidiary BAL Investment & Advisory Inc. and an equity investor completed their acquisition of noncontrolling interests in a wind generation portfolio with about 1,381 MW of capacity from an indirect unit of Royal Bank of Scotland Group Plc.

Under the deal, Wind Holdings 2017 LLC acquired Bank of America NA's series A interests and PureHoldings II LLC's series C interests. NewLLC, a special purpose investment vehicle by the investors, purchased Lease Plan North America LLC's series B interests in Wind Holdings. The equity investor who acquired the passive interests in Wind Holdings is Alpha Wind Holdings 2017 LLC, an affiliate of Texas Pacific Group.

The wind projects involved in the transaction are the following:

* The 151.2-MW Blue Canyon Windpower II in Caddo and Kiowa Counties, Okla., which sells its output to Southern Co. subsidiary Georgia Power Co. under a 20-year contract.

* The 301-MW Cedar Creek Wind Project in Weld County, Colo., which supplies power to Xcel Energy Inc. subsidiary Public Service Co. of Colorado under a 20-year contract.

* The 150-MW Elk River Wind facility in Butler County, Kan., which sells power to Algonquin Power & Utilities Corp. utility Empire District Electric Co. under a 20-year contract.

* The 231-MW Flat Rock and the 90.75-MW Flat Rock II wind facilities, known as Maple Ridge in Lewis County, N.Y., which sells wholesale power.

* The 206.5-MW High Trail Wind Farm in McLean County, Ill., which is contracted to supply power to FirstEnergy Corp. subsidiary FirstEnergy Solutions Corp. and J. Aron & Co. under long-term power contracts.

* The 150-MW Shiloh I Wind Project in Solano County, Calif., which sells power to PG&E Corp. utility Pacific Gas and Electric Co.; Palo Alto, Calif.; and the San Francisco Public Utilities Commission.

* The 101-MW Trimont Area Wind Farm in Martin and Jackson Counties, Minn., which has contracted its output to Great River Energy under a 15-year contract.

FERC approved the deal Feb. 22. (FERC docket EC17-66)