Wednesday 29th April 2015


April 29, 2015

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Terra Firma mulls $1.5bn EverPower sale

Private equity firm Terra Firma is reportedly mulling the sale of US wind developer EverPower for an estimated $1.5bn.

The Financial News reported that Terra Firma is working with Bank of America Merrill Lynch on a potential sale of EverPower from its third fund. Terra Firma bought a controlling stake in EverPower for $350m from Good Energies in 2009, which was its first US deal.

EverPower has completed 752MW wind farms across seven sites since its first project in 2008, and now has a pipeline of 20 projects totalling 2GW in eight US states. Terra Firma and Bank of America Merrill Lynch have both declined to comment.

ESB and Coriolis in £600m tie-up

Irish energy company ESB and UK developer Coriolis have entered a partnership to develop nine projects in the UK worth £600m.

The companies have agreed a development partnership to build projects with a combined capacity of 400MW. The majority of the projects are in Scotland, but the partners have said they would also pursue opportunities throughout the UK.

Coriolis and ESB expect their first project to be operating by 2019.

Natixis leads $254m Peru financing

French bank Natixis has led a $254m financing for two wind farmsin southwest Peru with combined capacity of 129MW.

The bank led a group comprising the US Export-Import Bank, the French Development Agency, the German Investment Corporation, and the Netherlands Development Finance Company in making the loans to Spanish energy company Cobra, part of the ACS Group.

The funds wills support construction of the 97MW Tres Hermanas project, which is set to complete in December; and the 32MW Marcona, which completed in April 2014. The latter scheme is the first large-scale wind farm in the South American country.

Work starts on 30MW Block Island…

Off-site construction has started on foundations for the 30MW Block Island project, which is set to be the first US offshore wind farm.

Developer Deepwater Wind said that welders at Specialty Diving Services started work on the components earlier this week. Full construction on the project off the Rhode Island coast is due to start in summer. The scheme is made up of five 6MW Alstom turbines.

The development is scheduled to complete in 2016.

…as build costs delay Virginia pilot

Dominion Virginia Power has put its planned 12MW offshore wind pilot scheme on hold over concerns about rising costs.

The US utility has been planning to complete the project, which is comprised of two 6MW Alstom turbines, by 2017; and last year it estimated construction costs would be $230m. However, the firm only received one bid, which estimated it would cost up to $400m, and would have exposed Dominion to potential extra costs later on.

Dominion has now delayed the project until at least 2018 as it looks for ways to cut the cost. This is the second high-profile US offshore project to be put on hold this year after the proposed 468MW Cape Wind stalled in January over power purchase agreements.

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