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26 July 2018

Terra Firma receives regulatory approval for sale of EverPower’s development pipeline to innogy SE

Terra Firma has sold the development pipeline of US-based wind energy development and generation company EverPower to German energy company innogy SE, following regulatory approval by the US government’s Committee on Foreign Investment (CFIUS), and receipt of the applicable consents from authorities at the state level. Terra Firma and innogy SE initially signed a purchase agreement for the development pipeline at the end of 2017. The transaction follows the sale of EverPower’s operational assets to a fund managed by BlackRock in February 2018, and concludes Terra Firma’s exit from the business.

EverPower’s development pipeline offers more than 2GW of onshore wind projects in various stages of development, located across eight states which are attractive for renewables, comprising Maine, Maryland, Montana, New York, Ohio, Pennsylvania, Washington and Wyoming.

As well as the pipeline, innogy SE has acquired EverPower’s core team of wind project developers, and the strong growth platform built up by EverPower in recent years. Terra Firma has been a long-term investor in EverPower, first investing in 2009. Under Terra Firma’s ownership, EverPower has been transformed into a top 25 US wind energy producer.

EverPower’s operating capacity has grown 12x since Terra Firma’s original investment, and its portfolio contains seven sites totalling 752MW of generating capacity.

Andrew Géczy, Chief Executive Officer of Terra Firma, said: 

“I am delighted to announce that our sale of EverPower’s development pipeline has received the relevant regulatory approvals, concluding Terra Firma’s investment in EverPower.”

Andrew Young, CEO of Innogy Renewables US LLC, adds:

”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.”

Barclays and KeyBanc acted as financial advisors and Morgan, Lewis & Bockius LLP acted as legal advisor to the seller.

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