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02 April 2012

Terra Firma To Acquire Californian Wind Farm

Terra Firma, a leading private equity firm, is pleased to announce that EverPower, its US wind energy development and management company, has signed an agreement to acquire the Alta VI wind farm, a 150MW project in Tehachapi (California) from Terra-Gen Operating CO, LLC. 

The acquisition will add significant contracted earnings and operational scale to EverPower, a portfolio company originally acquired by Terra Firma in August 2009.

Alta VI is part of the Alta Wind Energy Center (AWEC) and the project is expected to be fully operational in the second half of 2012. Alta VI comes with an attractive 24-year fixed price Power Purchase Agreement (“PPA”) in place for 100% of its expected output of energy and renewable attributes.  The project will also diversify EverPower’s geographic presence, and this will be its first operating project on the West Coast. 

Completion of the transaction is conditional upon customary approvals.

Commenting on today’s announcement, Guy Hands, Chairman and Chief Investment Officer of Terra Firma, said:

“We are actively building EverPower's scale though a combination of capital expenditure on development programmes and through acquisitions.  The Alta VI project is the ideal next step in our strategy to expand the business."Jim Spencer, president and CEO of EverPower Wind Holdings said:

"We are extremely pleased to add Alta VI to our portfolio. Alta VI is located in a region recognized as a premier wind resource in the Californian market.  This purchase is an extension of our overall strategy of owning assets near attractive load centers such as the Northeast and West Coast."

KeyBanc Capital Markets and Morgan Lewis advised Terra Firma and EverPower Wind Holdings Inc. 

For further information: Andrew Dowler          
Finsbury
+ 44 (0)20 7251 3801

About Terra Firma
Terra Firma is a leading European private equity firm which specializes in buy-outs of asset-rich businesses in essential industries. It creates values for those businesses by delivering improved strategy, operations and management. Since being set up in 1994, Terra Firma has invested over €13 billion of equity and completed transactions with an aggregate enterprise value of €44 billion. Terra Firma’s renewable energy businesses include Infinis which is the UK’s leading independent purely renewable energy generator, and RTR, which is the market leading solar photovoltaic (PV) generation business in Italy.  Further information at www.terrafirma.com

About EverPower Wind Holdings, Inc.
Founded in 2002, EverPower Wind Holdings, Inc., is a New York-based developer of utility-grade wind energy projects with offices in New York City; Pittsburgh; and Bellefontaine, OH. EverPower‘s portfolio currently includes three commercially operational wind projects: the 62.5 MW Highland Wind Farm in Cambria County, PA; the 75 MW Highland North Wind Farm, located in Cambria County, PA; and the 52 MW Howard Wind Project, located in Steuben County, NY.

EverPower has 17 projects in eight states in various stages of development totaling more than 2,100 MWs. Four projects are in the advance stage of development, two which are expected to be constructed in 2012 – The 30 MW Patton Wind Project and the 170 MW Twin Ridges Wind Farm.

EverPower is owned by its employees and the private equity firm, Terra Firma which has a range of institutional investors with the largest proportion being US-based.

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