Invenergy, the leading privately held developer, owner, and operator of sustainable energy solutions, has announced IRG Acquisition Holdings (IRGAH), a partnership between Invenergy, CDPQ and funds managed by Blackstone Infrastructure, has entered into an agreement with American Electric Power (AEP) to acquire its 1,365-megawatt (MW) unregulated, contracted renewables portfolio for $1.5 billion enterprise value including project debt. The sale is expected to close in the second quarter of 2023.
“Invenergy is proud to bring our industry-leading development, financial, and operating expertise to this quality renewable operating portfolio,” said Jim Murphy, President and Corporate Business Leader at Invenergy. “Our longstanding record of working with AEP, familiarity with the portfolio projects, and the strength and cohesiveness of our investor consortium led to this significant agreement.”
The portfolio, the largest ever acquisition for American-led Invenergy, includes 14 projects in 11 states and is comprised of 1,200 MW of wind generation and 165 MW of solar projects. The renewable power generated by these projects is contracted under long-term agreements with various utilities, corporations and municipalities.
IRGAH secured committed financing to support this acquisition from Banco Santander S.A., New York Branch, who will act as Structuring Agent, Coordinating Lead Arranger, and Co-Green Loan Coordinator, Coöperatieve Rabobank U.A., New York Branch, who will act as Coordinating Lead Arranger and Due Diligence Bank, and Natixis CIB, New York Branch, who will act as Coordinating Lead Arranger and Co-Green Loan Coordinator.
BofA Securities is serving as financial advisor to IRGAH for this transaction.
For more information visit www.invenergy.com
