A consortium led by Axium Infrastructure Inc. (Axium) and composed of AxInfra US LP, John Hancock Life Insurance Company and Swiss Life Asset Managers have recently announced the financial close of the acquisition of an ownership interest in a portfolio of seven wind farms located throughout the United States from EDP Renewables (EDPR).
The transaction is the third acquisition by Axium and its investors in partnership with EDPR in the past two years. As a result, Axium and its investors now hold a 49% interest in 12 assets totaling 1.6 GW of installed capacity alongside EDPR. All of the assets are fully contracted under long-term power purchase agreements with a weighted average remaining life of 16 years.
In connection with the acquisition, Santander Bank N.A. and Prudential Capital Group provided credit facilities to support the acquisition financing.
Norton Rose Fulbright US LLP acted as legal advisor to Axium’s consortium and Latham & Watkins LLP acted as legal advisor to the lenders.
Paulo Arencibia, Vice President & Investment Director of Axium Infrastructure US Inc, said:
“This transaction further strengthens Axium US Wind’s portfolio, providing increased diversification across wind resource regions, power markets and turbine technologies. EDPR is a world class firm in the ownership and operation of renewable generation assets. We look forward to continuing to collaborate with them in the future”.
Thierry Vandal, President of Axium Infrastructure US Inc, commented:
“We are delighted to partner once again with EDPR and with consortium members that share our long-term investment vision for core infrastructure assets. As we pursue our growth in the US market, we continue to see great opportunity in the North American core infrastructure sector."