2 April 2012
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
+ 44 (0)20 7251 3801