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Excelsior Energy Capital Closes on Acquisition of 109mw Operating Wind Portfolio from Invenergy
Monday 13 January 2020

13 January 2020 - US-based renewable energy investor Excelsior Energy Capital's North American Renewable Energy Fund has closed on the acquisition of 90.1% of Invenergy's sponsor equity interests in the combined 109mw Prairie Breeze II and Prairie Breeze III projects, located in Antelope and Boone counties, Nebraska, the company said.

Concurrent with the acquisition closing, Excelsior closed on back-leverage financing for the projects with NORD/LB.

The projects benefit from an over three-year operating track record having begun operations in late 2015, and early 2016, respectively.

The projects also have 25-year power purchase agreements with Lincoln Electric Systems (Moody's: AA) and city of Grand Island (Moody's: AA-), with remaining contract terms of more than 21 years.

Bank of America Merrill Lynch is the tax equity investor in the Projects and as of the signing the Projects had no debt in place. The orojects also benefit from proven General Electric wind turbine technology, utilizing the GE 1x Hybrid class turbine.

A US-based global developer and operator of sustainable energy solutions, Invenergy will remain as part-owner of the sponsor equity interests in the projects, and Invenergy Services will continue to provide Operations and Maintenance and Asset Management services 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.

Excelsior Energy Capital is a pure-play renewable energy infrastructure fund focused on long-term investments in wind and solar power plants in North America.

NORD/LB is a project finance energy and infrastructure lender in the Americas and Europe.
Date Published: 13/01/2020
Target: 90.1% of Invenergy, ´s sponsor equity interests in the combined 109mw Prairie Breeze II and Prairie Breeze III projects
Country: USA
Sector: Alternative Energy
Type: Corporate acquisition
Financing: Cash and Stock
Status: Agreed
Vendor: Invenergy
Buyer: Excelsior Energy Capital, ´s North American Renewable Energy Fund
Terms of the deal were not disclosed