German energy firm Innogy closes 2GW onshore wind transaction in US

27 July 2018 (Last Updated November 15th, 2018 13:47)

German energy company innogy has completed the acquisition of 2GW onshore wind pipeline in the US after the receipt of clearance from the Committee on Foreign Investment in the US (CFIUS).

German energy firm Innogy closes 2GW onshore wind transaction in US
A wind turbine. Credit: Luo Lei on Unsplash.

German energy company Innogy has completed the acquisition of 2GW onshore wind pipeline in America after receipt of clearance from the Committee on Foreign Investment in the US (CFIUS).

EverPower Wind Holdings US onshore wind development business was purchased from the UK-based private equity investor Terra Firma Capital Partners.

The financial details have not been disclosed by the companies. The deal was signed between the two companies in December last year.

Completion of the acquisition follows consents of authorities on the state level. Innogy has now become the sole owner of the projects that are at various development stages.

The acquired pipeline is located across eight US states, which are Maine, Maryland, Montana, New York, Ohio, Pennsylvania, Washington, and Wyoming.

“Scioto Ridge will be Innogy’s first US onshore windfarm, which is planned to start full construction early next year.”

The pipeline comprises three wind projects in late development stage, which are Cassadaga (126MW), Baron Winds (270MW) in New York State, and Scioto Ridge in Ohio (200MW).

The German energy company is planning to bring these projects into operation before the end of 2020.

Among the three projects, Scioto Ridge will be Innogy’s first US onshore windfarm, which is planned to start full construction early next year.

Innogy US Renewables CEO Andrew Young said: “With more than 20 development projects this pipeline serves as a strong foundation for Innogy’s expansion into the US onshore wind business.

“Together with the experienced development team based in Pittsburgh, who have joined the Innogy-family, we will turn these project opportunities into successful operating renewable energy projects.”