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Carlyle to buy 612-MW wind portfolio in New York

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According to Market Intelligence, December 2022

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Carlyle to buy 612-MW wind portfolio in New York

The Carlyle Group made its first wind investment with a deal to acquire a 612-MW operating wind generation portfolio in New York state from Noble Environmental Power.

The alternative asset manager will acquire the portfolio through its newly established affiliate Zephyr Wind Energy, according to a news release. Financial terms of the transaction were not disclosed.

"Zephyr is our first wind investment and provides an opportunity to help New York state meet its clean energy goals," said Matt O'Connor, Carlyle managing director and Carlyle Power Partners head, in a Sept. 5 statement.

The portfolio, which currently produces 29% of New York's wind power, according to a news release, includes three projects in Clinton County totaling 279 MW, two projects in Wyoming County totaling 227 MW, and one project in Franklin County totaling 106 MW. Carlyle said the proposed purchase will bring its power generation assets to 7,000 MW.

Equity capital for the deal will come from Carlyle Power Partners II LP.

The transaction is expected to close in the fourth quarter.