Excelsior Energy Capital, an independent North American renewable energy investor, says its North American Renewable Energy Fund has acquired 90.1% of Invenergy’s sponsor equity interests in the combined 109 MW Prairie Breeze II and Prairie Breeze III wind projects.
These developments, located in Antelope and Boone Counties, Neb., began operations in late 2015 and early 2016, respectively. The projects also have 25-year power purchase agreements with Lincoln Electric Systems and the City of Grand Island, with remaining contract terms of more than 21 years. Bank of America Merrill Lynch is the tax equity investor.
Invenergy will remain as a non-controlling part-owner in the projects, and Invenergy Services will continue to provide operations and maintenance and asset management for the projects through a long-term contract.
“This acquisition aligns well with Excelsior’s strategy to acquire high-quality renewable power projects with stable, long-term contracted cash flows from experienced partners like Invenergy,” says Chris Moakley, managing partner of Excelsior.
The transaction is expected to close next month.