Innogy buys EverPower’s 2-GW-plus onshore wind pipeline

German energy company Innogy SE (ETR:IGY) has agreed to buy EverPower Wind’s over 2-GW onshore wind project pipeline in the US.

Under a contract unveiled on Friday, Innogy Renewables US has acquired the huge pipeline from UK private equity firm Terra Firma Capital Partners Ltd for an undisclosed amount. The acquired assets, with “attractive locations” in the US, are at various stages of development. The pipeline includes more than 500 MW of onshore wind projects at an advanced stage of development, planned to be switched on by 2020.

The realisation of the pipeline should be gradual, Innogy said. It will review the projects separately to determine their economic attractiveness in accordance with internal return targets. It will consider various options for the ownership structure and funding.

The acquisition deal hinges on regulatory approval by the US Federal Foreign-Investment Commission (CFIUS) and is expected to be completed in the second quarter of 2018.

Innogy Renewables US was set up in 2016. Its German parent noted that it is looking for additional opportunities to invest in offshore wind and solar in the US. It also has plans to expand into other renewable energy markets, including China.

Earlier this month, Terra Firma offloaded EverPower’s 725-MW portfolio of operating wind assets to a fund managed by BlackRock Real Assets. The assets are located across seven sites in Pennsylvania, Illinois, California and New York.

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