Australian developer Infigen Energy will sell its U.S. wind business to a newly formed portfolio company of ArcLight Capital Partners.
Infigen, which has an equity interest in nearly 1.1 GW across 18 U.S. wind farms, says it expects the $272.5 million transaction to close by October.
According to the release, Infigen's U.S.-based employees will become staff of ArcLight's new subsidiary.
‘Infigen has been assessing various options to improve the capital structure of our business and unlock security holder value for quite some time,’ says Miles George, Infigen's managing director. ‘The sale of our U.S. wind business is consistent with that strategic objective, represents fair value for security holders having regard to the cashflow profile of the U.S. assets, and is a significant milestone on the path to improving the future prospects for Infigen and its security holders.’