Terra-Gen Power LLC, an affiliate of ArcLight Capital Partners and Global Infrastructure Partners, said it signed a purchase and sale agreement to sell a 947-MW wind project. Financial terms of the deal were not disclosed.
Terra-Gen signed the transaction with NRG Yield to sell the Alta Wind I-V, X & XI, and Realty projects, known collectively as the Alta Wind project. Terra-Gen said it expects to close the transaction in the third quarter of 2014, pending customary closing conditions and regulatory approval from the Federal Energy Regulatory Commission (FERC) and the U.S. Department of Justice and the Federal Trade Commission.
The sale of Alta Wind will divest Terra-Gen of its remaining phases of the Alta Wind Energy Center. Terra-Gen acquired the development from Allco Finance in June 2008, and subsequently developed and built eleven interconnected wind projects totaling 1,547-MW, all of which sell power under long-term, fixed price power purchase agreements to Southern California Edison.
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