U.K.-based private equity firm Terra Firma, has acquired Everpower Wind Holdings Inc., based in New York. The vendors are Good Energies, a renewable energy fund, and the Everpower management team, which are re-investing alongside Terra Firma.
Everpower's assets are concentrated in the Northeast and West Coast U.S. power markets, which benefit from stronger power prices and available transmission. The company owns a newly constructed project – 62 MW Highland I wind farm – a portfolio of near-term development opportunities, with output of over 800 MW and a development pipeline that represents a substantial platform for growth.
‘We see significant investment potential in the fast-growing U.S. renewable energy market, and Everpower has both a strong management team and an attractive portfolio of projects,’ says Guy Hands, chairman of Terra Firma. ‘The U.S. wind energy market is undergoing significant structural change and presents an attractive investment opportunity.’
Terra Firma was advised by Morgan Stanley and Climate Change Capital.
SOURCE: Terra Firma