M&AClosedPress / newsMarch 14, 2024

Ørsted US onshore wind portfolio — Ford Ridge (IL), Helena Wind & Western Trail Wind (TX), Sunflower Wind (KS) — 957 MW

Stonepeak acquires 80% cash distributions from four operating onshore wind farms. Ørsted retains operational control and a unilateral call option. Portfolio fully contracted with PPAs in place. Total proceeds including prior tax equity of ~$1B. Investment via Stonepeak Global Renewables Fund ($2.75B).

Share on LinkedIn Source: Ørsted →

$300M

Deal Value

957MW

Capacity

Wind

Technology

IL, KS, TX

Location

Project: Ørsted US onshore wind portfolioAsset profile →

MarketsIllinois Kansas Texas Wind ERCOT

Deal Details

Deal Type: Project & Portfolio M&A
Seller / Sponsor: Ørsted
Buyer / Financier: Stonepeak
Deal Value: $300M
Stage: Operating
ISO/RTO: ERCOT, MISO, SPP
Source: Ørsted

Capital Structure

$1.00B

Total transaction value

Tax Equity$700M70%

Equity$300M30%

Tranches

Equity ownership stake sale (80% of cash distributions) · Stonepeak: $300M
Tax equity: $700M

Service Providers

Advisory & Legal

Buyer Counsel: Vinson & Elkins

Related Deals

PPASep 2015

Amazon Wind Farm Texas / Dermott Wind — 253 MW onshore wind, Scurry County, Texas (ERCOT). Original PPA signed Sept 2015 with Lincoln Clean Energy; LCE acquired by Ørsted Aug 2018. Project COD October 19, 2017.

Lincoln Clean Energy (acquired by Ørsted Aug 2018) → Amazon

PPAMay 2017

Skipjack Wind 1 — 120 MW offshore wind, Maryland (PJM) — original 2017 MD OREC award

Ørsted (Skipjack Offshore Energy) → Maryland PSC

PPAJun 2018

Revolution Wind (CT portion) — 304 MW offshore wind, Connecticut (ISO-NE) — original 2018 OREC award

Ørsted + Eversource → Eversource + United Illuminating (CT EDCs)

M&AJan 2017

WGL Holdings — Washington Gas Light + non-regulated power/marketing/midstream

AltaGas Ltd.

C$8.4B (~$6.4B USD; $88.25/share cash)

M&AMar 2017