Excelsior Energy Capital, a North American renewable energy investor, announced that its North American Renewable Energy Fund has executed the acquisition of 90.1% of Invenergy’s combined 109-MW Prairie Breeze II and Prairie Breeze III projects, located in Antelope and Boone counties in Nebraska.
The transaction is expected to close in December 2019.
“Excelsior is pleased to announce this agreement to acquire the Prairie Breeze II & III wind projects from Invenergy,” said Chris Moakley, managing partner of Excelsior. “This acquisition aligns well with Excelsior’s strategy to acquire high-quality renewable power projects with stable, long-term contracted cash flows from experienced partners like Invenergy.”
The projects began operations in late 2015, and early 2016, respectively and have 25-year power purchase agreements with Lincoln Electric Systems and the City of Grand Island, with remaining contract terms of more than 21 years. The projects use General Electric’s GE 1x Hybrid class turbine.
Invenergy will remain as a non-controlling part-owner in the projects and Invenergy Services will continue to provide operations and maintenance and Asset Management for the projects through a long-term contract. Invenergy developed and operates several other projects in the surrounding area and its Invenergy Services business operates and maintains one of the largest fleets of GE turbines in the United States.
News item from Excelsior Energy Capital