26 August 2009
Terra Firma, the private equity firm, today announced the acquisition of EverPower Wind Holdings Inc (www.everpower.com), a growing US wind energy business. The vendors are Good Energies, a renewable energy fund, and the EverPower management team who are re-investing alongside Terra Firma.
EverPower’s assets are concentrated in the North East and West Coast US power markets which benefit from stronger power prices and available transmission. It owns a newly constructed project (Highland I with output of 62MW), a portfolio of near term development opportunities (with output of over 800MW) and a development pipeline which represents a substantial platform for growth.
Terra Firma was advised by Morgan Stanley and Climate Change Capital.
Guy Hands, Chairman of Terra Firma, said:
“We see significant investment potential in the fast growing US renewable energy market, and EverPower has both a strong management team and an attractive portfolio of projects.
“The US wind energy market is undergoing significant structural change and presents an attractive investment opportunity. EverPower is an excellent business and is now in its next phase of development as it moves into building and operating assets.”
Jim Spencer, CEO of EverPower, welcomed the deal:
“We are delighted to be working with Terra Firma. They understand our business requirements and will allow us to rapidly build out our maturing project pipeline.”