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July 27, 2018updated 15 Nov 2018 1:47pm

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

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 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).

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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.”

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Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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