A renewable energy company long-affiliated to ArcLight Capital Partners and partly owned by Global Infrastructure Partners (GIP) has sold a 150-megawatt (MW) wind farm project in central California, according to a press announcement.
Terra-Gen Power offloaded its Alta VI wind farm in Tehachapi, California to EverPower Wind. Private equity firm Terra Firma, owner of New York-headquartered EverPower, did not disclose how much EverPower paid for Alta VI. EverPower, a specialist in wind energy development and management, became a Terra Firma portfolio company in 2009.
Alta VI is a part of the Alta Wind Energy Centre (AWEC). Located in Tehachapi, a choice location for wind power, AWEC is the largest wind farm in California, totalling 750MW in combined wind power. Alta VI, expected to become fully operational in the second half of 2012, will provide EverPower with its first West Coast asset, according to Terra Firma.
ArcLight, a $10 billion private equity firm, is dedicated to investing in the energy sector, as well as energy infrastructure. Boston-based ArcLight made its initial investment in Terra-Gen in 2007, then in 2009 sold 40 percent of its interest to GIP, giving then-upstart GIP its third-ever investment and its maiden investment in renewable energy.
Terra-Gen was primarily created to own, operate, and develop wind, geothermal and solar-generated energy. ArcLight was founded in 2001 by Daniel Revers and Robb Turner. General Electric and Credit Suisse Group teamed-up to help finance GIP’s first global infrastructure fund.