Quinbrook acquires 223MW wind power portfolio in US from NextEra Energy

Wind industry news : Quinbrook Infrastructure Partners has acquired six operating US wind farms with a combined capacity of 223MW from subsidiaries of NextEra Energy Resources for an undisclosed price.

The wind farms that are part of the transaction are located in Pennsylvania, California and West Virginia, and range from 9 to 66MW, as per the latest energy acquisition news.

The acquisition was done by its portfolio company GlidePath Power Solutions, which was acquired last year by the Quinbrook Low Carbon Power Fund. GlidePath develops distributed power solutions across the wind, solar, distributed gas and battery storage sectors.

Wind power project. Image courtesy of kongsky at FreeDigitalPhotos.net

Jeff Hunter – Senior Managing Director of Quinbrook said: “We are excited to be acquiring a set of high quality, operational wind assets in attractive power markets across the United States.

“GlidePath is an ideal home for these assets, given the Quinbrook and GlidePath teams’ combined experience in distributed scale power solutions and development of battery storage infrastructure.

“Importantly, this portfolio is unencumbered in all key respects and has no current debt, no tax equity liabilities and offers the potential for material value upside from smart retooling.”

Quinbrook’s newly acquired wind farms have been in operation for more than 10 years and are supported with contracted power sales to various investment-grade utilities. They will be continued to be operated by an affiliate of NextEra Energy after closing of the deal.

The deal would expand the ability of Quinbrook to address the emerging renewable energy demand across strategic energy markets.

David Scaysbrook – Managing Partner of Quinbrook, said: “This latest acquisition lays the foundation for our US distributed power platform to be spearheaded by the GlidePath team.

“The wind assets in the NextEra portfolio are distributed scale and offer, not only immediate cash returns, but the potential for future upside benefits from repowering existing wind sites with the latest wind turbine technology and extending their operating lives for another 25 years or more.”

Earlier, in the week, Quinbrook said that it had closed $268 million in tax equity and construction financing to build a 200MW wind project in Oklahoma, which will be the first stage of the 365MW Persimmon wind farm project.

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