Germany-based energy company innogy SE is advancing its renewables expansion strategy for the U.S. market: The company and Terra Firma Capital Partners, a U.K. private equity investor, have signed an agreement to acquire all the shares in EverPower Wind Holdings’ U.S. onshore wind development business.
EverPower’s local development team, based in Pittsburgh, will join innogy. The acquisition, subject to approval by the U.S. government’s Committee on Foreign Investment in the United States, is estimated to close in the second quarter of 2018. All parties have agreed to maintain confidentiality regarding the purchase price.
“The U.S. market is one of our key strategic growth areas for renewables,” comments Hans Bünting, chief operating officer of renewables at innogy SE. “Establishing our subsidiary, Innogy Renewables US LLC, in 2016 was our first step to enter this market. The acquisition of EverPower’s impressive pipeline is a logical step consistent with our commitment. We are very pleased to have made our first acquisition in the U.S. And this is just the beginning.”
Andrew Young, CEO of Innogy US Renewables, adds, “With this acquisition, innogy will become the sole owner of more than two GW of onshore wind projects in various development stages located in attractive U.S. power markets for renewables. This portfolio will serve as a strong foundation for innogy’s long-term growth in the U.S.”