Stonepeak has acquired an ownership stake in a 957MW portfolio of four US onshore wind farms from energy firm Ørsted for $300m (€274m).
IPE Real Assets understands that Stonepeak’s investment was made via the Stonepeak Global Renewables Fund, a fund that raised $2.75bn at its final close in 2021.
Ørsted said the deal gives Stonepeak 80% of the cash distributions associated with the projects, while Ørsted will continue to operate the portfolio of assets.
The portfolio includes the Ford Ridge Wind project in Illinois, the Helena Wind and Western Trail Wind projects in Texas, and the Sunflower Wind project in Kansas.
Ørsted added that the transaction progresses its strategy and represents the company’s “second major farm-down of multiple assets in the US”.
The deal will enable recycling of capital to support its business plan and future value-creating renewable energy projects, Ørsted said.
Ørsted also previously raised around $700m in tax equity proceeds for the 957MW portfolio, bringing the total proceeds raised to approximately $1bn.
As part of the transaction, Ørsted retains a unilateral call option for Stonepeak’s interests, it added.
Anthony Borreca, a senior managing director at Stonepeak, said: “The need for efficient infrastructure with the power to further the energy transition continues to grow, and onshore wind continues to play a major role in helping to meet that demand.
“Ørsted’s US onshore assets are young and have been built with trusted technology, which gives us confidence in their potential to make a meaningful and positive long-term impact on the communities they serve.”
David Hardy, EVP and CEO of Region Americas at Ørsted, said: “This deal signifies the value that our US onshore renewable energy projects can deliver to our investors while also demonstrating the holistic and flexible approach we take to partnerships and divestments.
”While Ørsted will continue to operate each asset over its lifetime, we’ll use this capital to fund projects that continue to create the most value for our stakeholders and fuel our growth in the renewable energy sector.”
Danish energy firm Ørsted currently has a portfolio of nearly 6GW of onshore wind, solar, and battery storage projects in operation and under construction across the US.
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