2023-01-30
http://w3.windfair.net/wind-energy/pr/42171-infrared-capital-partners-agreement-algonquin-wind-farm-onshore

InfraRed Capital Partners to acquire stakes in four wind assets from Algonquin Power & Utilities Corp.

InfraRed Capital Partners (“InfraRed”) today announces that it has entered into an agreement to acquire a 49% stake in a portfolio of three operating, utility-scale wind assets in the US from Algonquin Power & Utilities Corp. (“Algonquin”), a leading renewable energy and utility company with over $17 billion of total assets. InfraRed has also agreed to acquire an 80% stake from Algonquin in Blue Hill, a Canadian wind asset.

Image: InfraRedImage: InfraRed

The portfolio comprises the following operational projects:

  • Deerfield, a 149 MW wind farm in Michigan
  • Odell, a 200 MW wind farm in Minnesota
  • Sugar Creek, a 202 MW wind farm in Illinois
  • Blue Hill, a 175 MW wind farm in Saskatchewan

This acquisition will positively contribute both to the geographic and offtake diversity of InfraRed’s renewables portfolio.

Through this transaction, InfraRed has established a long-term, strategic relationship with Algonquin, as the first partner in its asset recycling plan. Algonquin will continue to function as operator of all four assets. The transaction illustrates InfraRed and Algonquin’s alignment in their commitments to the advancement of the United Nations’ Sustainable Development Goals.

Jack Paris, Head of Americas at InfraRed Capital Partners, said: “These assets fit perfectly into our approach to the energy transition. They benefit from being heavily contracted with the result of de-risked revenue streams, alongside their geographic diversification. We are excited that this investment marks the start of a long-term partnership with Algonquin. We look forward to leveraging their expertise, acquired from their 4 GW of operating renewables capacity, to act as operator of both the US portfolio and Blue Hill.”

Closing of the transaction is subject to certain regulatory approvals and other customary closing conditions. It is expected to close in December 2022.

Source:
InfraRed
Author:
Press Office
Link:
www.ircp.com/...
Keywords:
InfraRed Capital Partners, agreement, Algonquin, wind farm, onshore




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