Innogy closes buy of 2-GW US onshore wind pipeline

Innogy SE (ETR:IGY) has closed the acquisition of more than 2 GW of onshore wind projects in the US.

The German energy company agreed to buy the US onshore wind development business of EverPower Wind Holdings from UK private equity firm Terra Firma Capital Partners at the end of 2017. It said today it has completed the deal following approval by the US government's Committee on Foreign Investment in the United States (CFIUS) and pending consents of authorities on state level. The price remains confidential.

The pipeline consists of more than 20 projects in various development stages, including three late-stage development projects -- the 126-MW Cassadaga and 270-MW Baron Winds in the state of New York and 200-MW Scioto Ridge in Ohio. Innogy aims to complete these three projects by the end of 2020. Scioto Ridge will be its first US onshore wind farm expected to enter full construction early next year.

Andrew Young, head of Innogy Renewables US, said the pipeline is a strong foundation for the company's expansion into the US onshore wind market. Innogy recently also signed a joint development agreement with US solar developer Birdseye Renewable Energy for 440 MW of solar projects.

The company said the onshore wind pipeline will be executed incrementally with commercial assessment of every project. Various ownership and financing structures will be reviewed.

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