Terra Firma has boosted its renewable energy portfolio with a secondary buyout of US wind energy business Everpower Wind Holdings.
Financial details weren’t disclosed, though the private firm is understood to have paid about $350 million to purchase a controlling stake in Everpower from renewable energy fund Good Energies and Everpower’s management team. Terra Firma said in a statement that Everpower’s management is re-investing alongside it for a minority stake in the deal.
Part of the proceeds from the deal will go towards refinancing some of Everpower’s debt.
The all-equity investment represents Terra Firma’s first venture in the US.
Everpower is based in New York and has investments in the North East and West Coast of the US. It owns one operational wind farm, the 62-megawatt Highland I project in Pennsylvania, in addition to 800 megawatts of wind development opportunities.
Terra Firma already has in its portfolio UK renewable energy generator Infinis, which it acquired through its £530 million (€399 million; $570 million) takeover of Waste Recycling Group in 2003.
Earlier this month Babcock & Brown International sold its French wind assets, comprising 15 facilities, to AXA Private Equity.