Invenergy Wind has announced the sale of 832MW of wind power plants to TerraForm Power. The announcement represents the closing of a purchase and sale agreement originally executed on June 30, 2015.
A final closing for an additional 98 MW of projects is scheduled to be completed in early 2016. Proceeds from the transaction will be reinvested in Invenergy's industry-leading development pipeline. The total enterprise value of the transaction is more than US$ 2 billion. The closing encompasses four power plants, representing 754 MW (net) in the United States and one 78MW project in Canada. As part of the agreement, Invenergy is retaining an approximately 10 per cent equity interest and will continue as the operations and maintenance provider for the U.S.-based projects: California Ridge, Bishop Hill, Prairie Breeze and Rattlesnake. Invenergy and other owners sold 100 per cent interests in the Canadian project, Raleigh.