ArcLight Capital Partners closed the transaction between its newly formed portfolio company, Leeward Renewable Energy and Infigen Energy to buy Infigen's U.S. wind power assets.
The current portfolio comprises equity interests in eighteen U.S. wind farms with a total installed capacity of about 1,557 MW, of which Infigen's interests comprise 1,089 net MW. In addition, the acquisition includes Infigen's U.S.-based asset management and operations business.
"This creates a growth opportunity for our wind business in the U.S.," said Leeward Renewable Energy President David Smith. "We are pleased to join forces with ArcLight to efficiently and cost-effectively manage our existing assets while evaluating opportunities for growth."
"ArcLight established Leeward Renewable Energy to acquire all of Infigen's operating U.S wind business, including its capable management and operations team, and to serve as a platform for future acquisitions in the renewable energy sector," said Dan Revers, Managing Partner of ArcLight Capital Partners.
Latham & Watkins served as legal counsel and Ernst & Young provided tax and accounting advice to ArcLight on the transaction. UBS Investment Bank was exclusive financial adviser and Skadden, Arps, Slate, Meagher & Flom LLP was legal counsel for Infigen on the transaction.
ArcLight is one of the leading private equity firms focused on North American energy infrastructure assets. Since its establishment in 2001, ArcLight has invested over $13.1 billion across multiple energy cycles in more than 90 investments. Headquartered in Boston, Massachusetts with additional offices in Luxembourg, the firm's investment team brings extensive energy expertise, industry relationships, and specialized value creation capabilities to its portfolio.