EverPower

EverPower is a top US wind energy development and generation company with a significant portfolio of assets in the Northeast and West Coast power markets. The business was acquired by Terra Firma in November 2009.

Terra Firma built EverPower into a renewable energy generator of significant scale with a generating capacity of 752 MW across seven operating wind farms. Along with building out four sites from the development pipeline, Terra Firma has focused on growing the business through acquisitions. In 2012, EverPower purchased the 150 MW Mustang Hills wind farm in California. In 2014, it acquired the 240 MW Big Sky wind farm in Illinois.

The financial crisis was a difficult period for the wind power sector, leaving many companies under-capitalised and unable to finance their development plans. This offered an opportunity to enter the market at a low point in the cycle, bring a disciplined approach to construction and development costs and to take advantage of the distressed market to pursue further acquisitions to generate scale.

Through rapidly and efficiently building out the portfolio, EverPower received US government cash grants on all the projects it has constructed, effectively lowering the cost of capital. Working with Terra Firma and leveraging the team’s relationships and expertise, the business put in place low-cost, competitive construction and project financings at attractive levels.

In early 2018, Terra Firma completed the disposal of EverPower’s 752 MW portfolio of operating wind farm assets to a fund managed by BlackRock Real Assets. This was followed in July 2018 by the sale of EverPower’s development operations and pipeline of more than 2 GW to innogy.

The decision to sell EverPower as two separate portfolios reflected the strength of each unit and delivered the highest value to investors.