Wednesday 8th October 2014


October 8, 2014

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KKR and Acciona form 2.3GW venture

US private equity firm Kohlberg Kravis Roberts has completed its €397m purchase of one third of Acciona Energia Internacional.

AEI is the international renewable energy business of Spanish firm Acciona, which retains the other two thirds. The deal, which was completed on Monday, enables KKR and Acciona to create one of the largest operational international renewable energy portfolios.

AEI will now undergo a reorganisation. When complete, it will hold a portfolio of operating renewable assets comprising 2.3GW of mainly wind farms in 14 countries outside Spain. Key markets include the US, Mexico, Australia, Italy, Portugal and South Africa.

Iberdrola hires JP Morgan for US plan

Iberdrola has hired JP Morgan Chase & Co. to help it sell assets worth €2bn in order to fund an acquisition in the US.

Reuters has reported that the Spanish manufacturer is seeking an acquisition target in the US and, to fund the deal, is mulling sales of minority stakes in renewable assets including wind farms. Iberdrola is not expected to make sales without an acquisition target.

Iberdrola has also mandated Morgan Stanley to explore the sale of a minority stake in its Spanish distribution business. Reuters said both Iberdrola and JP Morgan both declined to comment.

Capital Dynamics buys 300MW in Texas

Asset manager Capital Dynamics and Prudential Capital have completed the purchase of the 300MW Green Pastures in Texas.

The wind complex in Baylor and Knox counties is set to be built in two phases of 150MW, with the first phase due to complete in March 2015. Power from the scheme is due to be sold to grid operator, the Electricity Reliability Council of Texas.

Acciona Windpower has started supplying 100 of its AW116/3000 turbines to the scheme. It has also signed a ten-year operations and maintenance deal at the scheme.

UK coalition in pre-election wind split

The Liberal Democrats have blasted their coalition partners in the UK Government for a “pathological aversion to onshore wind”.

Business secretary Vince Cable, part of junior coalition partner the Liberal Democrats, said opposition to onshore wind from coalition partners the Conservatives was hindering the development of the wind industry in the UK. Cable was speaking to a fringe meeting at the Liberal Democrats’ annual conference in Glasgow.

The division over wind policy comes as UK political parties are preparing to start campaigning for the May 2015 general election.

Fishermens Energy mulls turbine swap

US firm Fishermen’s Energy is considering switching supplier for its planned 25MW demonstration project off Atlantic City.

The developer was planning to use turbines from China’s XEMC for the offshore scheme, but is now entering talks with European giants Siemens and Vestas. The firm said it is exploring turbine options so it can deliver the best value to people in New Jersey.

Fishermen’s Energy is currently seeking approval for the scheme from New Jersey Public Utilities, which rejected the planned project in March, partly over the choice of XEMC.

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