Irish renewable energy firm NTR, through its US subsidiary Wind Capital Group LLC, has sold its 201 MW Post Rock and 149 MW Lost Creek wind projects to Pattern Energy Group Inc. for a gross consideration of US$244 million.
Proceeds after repayment of third party debt will be approximately US$195 million. The sale is subject to regulatory approval and certain commercial consents.
The 201 MW Post Rock Wind Farm is located in Ellsworth and Lincoln counties of Kansas, US. In December 2010, a 20-year PPA was signed with Kansas-based electric utility Westar Energy. The wind farm started operations in November 2012.
The 149 MW Lost Creek Wind Farm is located in Missouri, US. The project consists in 99 wind turbines GE Energy 1.5xle (power 1 500 kW, diameter 82.5 m). The wind farm was commissioned in 2011.
NTR CEO Rosheen McGuckian stated:
“Pattern Energy was the successful bidder following an extensive auction process which had garnered significant interest due to the outstanding quality of these operating wind assets. We are exceptionally pleased with the outcome and the value achieved for our shareholders.”
Mike Garland, President and CEO of Pattern Energy, commented:
“The outstanding quality of these assets is a perfect fit for our portfolio. We are pleased to acquire them from a team that has demonstrated experience in developing and operating world-class wind farms.”
This transaction marks the successful sale of some 500MW of wind projects by NTR plc / Wind Capital Group over the past 12 months, the second such successful exit by NTR plc from its wind investment portfolios spanning two economic cycles1. NTR remains committed to wind energy and has re-entered the Irish and UK wind markets, where it has secured exclusivity on over 50MW of ready-to-construct wind projects in fulfilment of its strategy to build and operate a further 150MW of wind over the coming two years.
Advisors to Wind Capital Group and NTR plc were Marathon Capital and Winston and Strawn.
During this month we have reported about several wind projects globally: