Gamesa has signed a deal to sell four of its U.S. wind farms – representing a combined capacity of 480 MW – to Canada-based Algonquin Power & Utilities Corp. for approximately 700 million euros (U.S.$900 million).
The four wind farms – Pocahontas Prairie (80 MW) in Iowa, Sandy Ridge (50 MW) in Pennsylvania, Senate (150 MW) in Texas, and Minonk (200 MW) in Illinois – will be equipped with 240 of Gamesa's G9X-2.0 MW turbines.
Gamesa is developing and constructing the projects, which will be commissioned this year. Of the total capacity, 80 MW have been fully commissioned, while the remaining capacity is under various stages of construction.
Gamesa will also provide the operations and maintenance, as well as asset management services, during 20 years for each of the wind farms.
JP Morgan and Morgan Stanley are the tax-equity financial investors for the deal. Under the transaction, Algonquin acquires – via a limited investment company – a controlling position in the four wind farms under a cash-equity structure, and JP Morgan and Morgan Stanley will make a significant tax-equity investment in the transaction.
Gamesa temporarily retains a minority position in such investment company and is currently under negotiations with other potential buyers.