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Alternative investment firm Stonepeak announced today an agreement with global energy developer Ørsted to acquire […]]
Stonepeak Acquires $300 Million Stake in Wind Energy Portfolio from Ørsted – ESG Today
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Stonepeak Acquires $300 Million Stake in Wind Energy Portfolio from Ørsted
Mark Segal
March 13, 2024
Alternative investment firm Stonepeak announced today an agreement with global energy developer Ørsted to acquire and equity ownership stake valued at approximately $300 million in a 957 MW portfolio of U.S. onshore wind farms.
The portfolio includes four onshore wind farms across Illinois, Texas and Kansas. According to the companies, the portfolio is highly contracted, with each project currently operational, and with power purchase agreements in place for all or parts of the production capacity.
Under the terms of the new transaction, Ørsted will continue to operate the portfolio of assets, while Stonepeak will receive 80% of the cash distributions associated with the projects. Ørsted will also retain a call option on the sold stake that it can exercise in the future under certain circumstances.
Anthony Borreca, Senior Managing Director at Stonepeak, said:
“The need for efficient infrastructure with the power to further the energy transition continues to grow, and onshore wind continues to play a major role in helping to meet that demand. Ørsted’s US onshore assets are young and have been built with trusted technology, which gives us confidence in their potential to make a meaningful and positive long-term impact on the communities they serve.”
According to Ørsted, the transaction forms part of its farm-down programme, under which it divests ownership shares of existing operating assets in order to redeploy capital for future value-creating projects. The company noted that it has previously raised approximately $700 million in tax equity proceeds for the portfolio, bringing the proceeds raised from the projects to around $1 billion.
David Hardy, Executive Vice President and CEO of Region Americas at Ørsted, said:
“This deal signifies the value that our US onshore renewable energy projects can deliver to our investors while also demonstrating the holistic and flexible approach we take to partnerships and divestments. While Ørsted will continue to operate each asset over its lifetime, we’ll use this capital to fund projects that continue to create the most value for our stakeholders and fuel our growth in the renewable energy sector.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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