Northleaf Capital buys Texan renewables portfolio

The Toronto-based asset manager has been expanding its infrastructure programme since hiring two senior staff last September.

Northleaf Capital Partners, the Canadian asset manager, has purchased a majority interest in a 217MW Texas renewable portfolio from Apex Clean Energy.

The assets comprise the 50.4MW Cotton Plains Wind and the 151.2MW Old Settler Wind facilities in Floyd County, as well as the 15.4MW Phantom Solar farm under construction in Killeen. The Cotton Plains Wind and Phantom Solar is under contract to power the US Army Garrison Fort Hood, while the Old Settler Wind will deliver electricity to 51,000 homes in the area.

Apex, a renewable energy developer based in Virginia, is providing operation maintenance to all three projects.

As part of the deal, Northleaf and Apex arranged debt financing and tax equity commitments for the projects.

“Direct investments in fully contracted wind and solar assets are on strategy for Northleaf's programme, as they offer predictable long-term cash flows and returns for our investors,” Northleaf director Jared Waldron said in a statement. “The partnership with Apex is very strategic to us, given its track record as a leading renewable energy company.”

Headquartered in Toronto, Northleaf manages over $7 billion in infrastructure and private equity commitments. The company has been expanding its infrastructure programme since last September when it hired two senior members to help manage its $1.5 billion OECD-focused and North American mid-market fund.