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A consortium consisting of Korea Hydro & Nuclear Power (KHNP), Alpha Asset Management (Alpha), Sprott Korea Investment (Sprott), Hana Financial Investment (HANA) and Korea Investment & Securities (KIS), has announced the signing of definitive agreements to acquire a 49.9% equity interest in a portfolio of wind generating assets in the USA.
The equity interests will be acquired from Brookfield Renewable and Invenergy in a transaction with an implied aggregate enterprise value of approximately US$1.5 billion. Brookfield will continue to hold a 50.1% equity interest in the portfolio. The transaction is expected to close in the fourth quarter of 2020.
The Portfolio has an installed capacity of 852MW and is comprised of four operating wind assets:
  • Bishop Hill, located in Illinois, with an installed capacity of 218 MW;
  • California Ridge, located in Illinois, with an installed capacity of 226 MW;
  • Prairie Breeze, located in Nebraska, with an installed capacity of 201 MW, and
  • Rattlesnake, located in Texas, with an installed capacity of 207 MW.
The Portfolio is supported by long-term power purchase agreements or hedges with investment grade counterparties with over 12 years of aggregate average remaining capacity-weighted contract life. The portfolio has long term service agreements with General Electric International that cover turbine operations and maintenance as well as other balance of plant services.