BluEarth Renewables LP says its U.S. affiliate has completed the acquisition of a majority interest in two operating wind facilities located in Meeker County, Minnesota totaling 39.6 megawatts (MW). BluEarth acquired an 80% interest in Adams Wind Generations, LLC and Danielson Wind Farms, L.L.C., respective owners of the 19.8 MW Adams Wind Farm and the 19.8 MW Danielson Wind Farm. The remaining interest is owned by Adams Wind Holdings, LLC and Danielson Wind Holdings, L.L.C, respectively, which are owned by local landowner partners. The electricity generated by the Facilities is sold under power purchase agreements or PPAs, with a credit-worthy utility. The Facilities have over 13 years remaining on their PPA term.
“BluEarth is excited to announce our first wind investment in the United States,” said Grant Arnold, President and Chief Executive Officer. “We see this acquisition as an exceptional opportunity to grow our business in the State of Minnesota and the broader U.S. market. We look forward to a long partnership with Adams Wind Holdings and Danielson Wind Holdings, as well as the local community.”
“We are excited to partner with BluEarth,” said Shari Frisbie, representing Adams Wind Holdings. “BluEarth is an experienced owner and operator of wind facilities and we share the long-term view. I am confident we will maximize value from this transaction.”
“This transaction represents a natural evolution for our wind facility,” said Steve Bergo of Danielson Wind Holdings. “The BluEarth team brings valuable expertise and we look forward to working with them to optimize the performance of the Danielson Wind Farm for years to come.”
Norton Rose Fulbright US LLP and Blake, Cassels & Graydon LLP acted as legal counsel to BluEarth, and a subsidiary of Zions Bancorporation acted as Sole Lead Arranger for the financing to support the transaction. Cohn Reznick Capital Markets acted as advisor to Adams Wind Holdings and Danielson Wind Holdings and Fredrikson & Bryon, P.A. acted as legal counsel.
BluEarth is a renewable power producer, focused on the acquisition, development, construction, and operation of wind, hydro and solar facilities. BluEarth’s mission is to be a Canadian based renewable energy leader by developing, building, and operating a portfolio that optimizes people, planet, and profit. BluEarth believes it has The Power to Change the FutureTM by demonstrating how to be sustainable and profitable, leaving the world a better place. BluEarth’s majority shareholder is the Ontario Teachers’ Pension Plan. For more information, visit www.bluearth.ca or follow us on twitter @BERenewables.