February 23, 2023
Invenergy-Led Consortium Agrees to Purchase AEP’s Unregulated Renewables Portfolio
CHICAGO, IL - Invenergy, the leading privately held developer, owner, and operator of sustainable energy solutions, today announced IRG Acquisition Holdings (IRGAH), a partnership between Invenergy, CDPQ and funds managed by Blackstone Infrastructure, has entered into an agreement with American Electric Power (AEP) to acquire its 1,365-megawatt (MW) unregulated, contracted renewables portfolio for $1.5 billion enterprise value including project debt. The sale is expected to close in the second quarter of 2023.
“Invenergy is proud to bring our industry-leading development, financial, and operating expertise to this quality renewable operating portfolio,” said Jim Murphy, President and Corporate Business Leader at Invenergy. “Our longstanding record of working with AEP, familiarity with the portfolio projects, and the strength and cohesiveness of our investor consortium led to this significant agreement.”
The portfolio, the largest ever acquisition for American-led Invenergy, includes 14 projects in 11 states and is comprised of 1,200 MW of wind generation and 165 MW of solar projects. The renewable power generated by these projects is contracted under long-term agreements with various utilities, corporations and municipalities.
IRGAH secured committed financing to support this acquisition from Banco Santander S.A., New York Branch, who will act as Structuring Agent, Coordinating Lead Arranger, and Co-Green Loan Coordinator, Coöperatieve Rabobank U.A., New York Branch, who will act as Coordinating Lead Arranger and Due Diligence Bank, and Natixis CIB, New York Branch, who will act as Coordinating Lead Arranger and Co-Green Loan Coordinator.
BofA Securities is serving as financial advisor to IRGAH for this transaction.
Invenergy drives innovation in energy. Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in the Americas, Europe and Asia. Invenergy's home office is located in Chicago, and it has regional development offices in the United States, Canada, Mexico, Spain, Japan, Poland, and Scotland.
Invenergy and its affiliated companies have successfully developed more than 30,000 megawatts of projects that are in operation, construction or contracted, including wind, solar, transmission infrastructure and natural gas power generation and advanced energy storage projects. Learn about Invenergy at Invenergy.com.