Invenergy Secures Record-Breaking $1.5 Billion Acquisition of Renewable Energy Portfolio
Invenergy and its associates have agreed to a mammoth deal with American Electric Power (AEP) that will see the acquisition of a 1,365 megawatt unregulated renewable portfolio. Totaling $1.5 billion with project debt included, this is the largest acquisition in Invenergy’s history. The transaction is expected to close during the second quarter of 2023.Comprised of 1,200 megawatts of wind power and 165 megawatts of solar energy, the fourteen projects span eleven states and are all contracted under long-term agreements with various utilities, businesses and municipalities.“We are proud to bring our extensive development, financial and operating experience to this high quality renewable operating portfolio” declared Jim Murphy, president and corporate business leader at Invenergy. “Our continuous collaboration with AEP combined with our investor consortium led us to secure this important agreement.”The acquisition was made possible by partnered investments from CDPQ and funds managed by Blackstone Infrastructure as well as from banks such as Santander who provided committed financing for the deal.
Summary
- Invenergy, in partnership with CDPQ and funds managed by Blackstone Infrastructure, has entered into an agreement with American Electric Power to acquire its 1365MW unregulated renewables portfolio.
- The portfolio of contracted operational assets is valued at $1.5bn, including project debt, with the sale expected to close in the second quarter of 2023.
- Invenergy and its partners in the deal secured committed financing to support this acquisition from Banks including Santander.
What is the value of the portfolio of contracted operational assets being acquired by Invenergy?
The value of the portfolio of contracted operational assets being acquired by Invenergy is $1.5bn, including project debt.You might also like this article: AgTech startup investor from Tokyo: Incubate Fund. Picture source: American Public Power Association