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Monday, Aug 25 2014 03:07 PM

Alta Wind project sold in major deal

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Alta Wind turbines along Highway 58 east of Tehachapi are part of $870 million purchase by NRG Yield, Inc. from Terra-Gen Power, LLC on Aug. 12.

One of Tehachapi's iconic energy icons traded hands in a major transaction that completed on Aug. 12.

Terra-Gen Power announced the sale of the Alta Wind project on June 6 to New Jersey-based company NRG Yield, Inc. NRG Yield confirmed the purchase had been completed on Aug. 12.


Terra-Gen Power announced the sale of the Alta Wind project on June 6 to New Jersey-based company NRG Yield, Inc. NRG Yield confirmed the purchase had been completed on Aug. 12.

NRG Yield purchased the large wind energy farm for $870 million in cash, equity and new debt, according to NRG's own media announcement.

Alta Wind produces some 947 megawatts of energy and connects to the Southern California Edison grid.

Terra-Gen intends to use the proceeds from the sale to repay any outstanding debt, and for additional corporate purposes.

The Alta Wind wind farm has been labeled the largest in North America, with 586 turbines in the entire project.

The purchase includes the Alta Wind I-V, Alta Wind X and Alta Wind XI, and Realty projects, all which fall under the "Alta Wind" umbrella.

Terra-Gen will continue to handle day-to-day matters, according to a company spokesperson.

"Terra-Gen will continue to operate these projects, and of course we continue to own and operate several hundred other MW of wind energy in the area," said Greg Wetstone of Tera-Gen Power, LLC.

NRG Yield also acquired $1.6 billion in "non-recourse project financing," or payments on the project that are specifically paid for from profits generated by the wind farm.
 

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2014/10/15
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