Quinbrook Infrastructure Partners, a global investment manager of renewable energy infrastructure, has bought 223MW wind power portfolio from subsidiaries of NextEra Energy Resources.
Financial details of the deal have not been disclosed.
The acquisition was done by GlidePath Power Solutions, a portfolio company of Quinbrook Infrastructure Partners.
GlidePath is a developer of distributed power solutions encompassing wind, solar, distributed gas and battery storage.
This acquisition boosts contracted, cash-yielding assets to GlidePath’s existing project development pipeline.
The projects that are in pipeline encompass more than 600MW of planned distributed power and battery storage in the US.
The latest acquired wind portfolio comprises six operating farms, ranging from 9 to 66MW.
These projects are located in Pennsylvania, West Virginia and California. Each of these assets have been owned and operated by subsidiaries of NextEra Energy Resources for over a decade.
A NextEra affiliate will continue to operate the facilities even after closure of the deal.
Quinbrook managing partner David Scaysbrook said: “This latest acquisition lays the foundation for our US distributed power platform to be spearheaded by the GlidePath team.
“The wind assets in the NextEra portfolio are distributed scale and offer, not only immediate cash returns, but the potential for future upside benefits from repowering existing wind sites with the latest wind turbine technology and extending their operating lives for another 25 years or more.”
Quinbrook senior managing director Jeff Hunter said: “We are excited to be acquiring a set of high quality, operational wind assets in attractive power markets across the United States.
“GlidePath is an ideal home for these assets, given the Quinbrook and GlidePath teams’ combined experience in distributed scale power solutions and development of battery storage infrastructure. Importantly, this portfolio is unencumbered in all key respects and has no current debt, no tax equity liabilities and offers the potential for material value upside from smart retooling.”
Recently, Quinbrook invested in an 84MW distributed gas-fired power portfolio in the UK.
