United States

United States

Innogy makes US debut

UNITED STATES: German renewables developer Innogy has completed the acquisition of a 2GW onshore wind pipeline in the US, marking its first movement in the market.

Innogy has acquired its first US onshore wind projects
Innogy has acquired its first US onshore wind projects

The RWE subsidiary has bought the EverPower Wind business, owned by UK-based investor Terra Firma Capital Partners, for an undisclosed fee.

The deal was first announced in December. 

The 2GW portfolio comprises projects in various stage of development across eight northern US states: Maine, Maryland, Montana, New York, Ohio, Pennsylvania, Washington and Wyoming.

Some of the late-stage projects include the 126MW Cassadaga, 270MW Baron Winds, and the 200MW Scioto Ridge sites which could be online by 2020. Construction of Scioto Ridge is due to begin in early 2019.

The transaction marks Innogy’s first movement in the US onshore wind space, after it launched a US business unit in 2016, based in Chicago. It recently acquired rights to a 440MW solar portolio.

"We aim to grow our renewables activities worldwide. With the acquisition of EverPower’s excellent onshore wind pipeline, we have established Innogy as a relevant renewables player in the US market, one of our key strategic growth areas," said Hans Bünting, COO of renewables at Germany-based Innogy.

Following a similar model to its European business, "Innogy will review all options under various ownership and financing structures to optimise value," the company said.

Innogy has developed over 7.8GW of renewables capacity in Europe, including solar, offshore wind and 2.1GW of onshore wind.

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