Wind Added to Cogentrix Repertoire
The Carlyle Group to Acquire Wind Generation Portfolio from Noble Environmental Power
Washington, DC and New York – Global alternative asset manager The Carlyle Group (NASDAQ: CG) and wind energy company Noble Environmental Power today announced that Carlyle, through its newly-established affiliate Zephyr Wind Energy, will acquire from Noble Environmental Power a 612 MW operating wind generation portfolio in New York along with a dedicated operations platform. The portfolio comprises six distinct wind farms located in Northern and Western New York. Financial terms of the transaction were not disclosed. The acquisition is subject to customary conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2018.
The to-be-acquired portfolio includes:
- Three wind farms in Clinton County totaling 279 MW
- Two wind farms in Wyoming County totaling 227 MW
- One wind farm in Franklin County totaling 106 MW
This portfolio of assets represents the largest operating wind platform in New York and plays an important role in helping New York State meet its requirement that 50% of the state’s electricity come from renewable resources by 2030. The portfolio currently produces 29% of New York State’s wind power.
Matt O’Connor, Carlyle Managing Director and Head of Carlyle Power Partners, said, “We are excited to acquire this platform, which brings important diversification to the Carlyle Power Partners portfolio. Zephyr is our first wind investment and provides an opportunity to help New York state meet its clean energy goals. Additionally, the Noble operations platform we are acquiring has a history of strong operations, engineering innovation and community relations, which go hand in hand with our goal of providing best-in-class management to power generation facilities.”
When the acquisition of the Noble platform is completed, the total power generation portfolio of Carlyle Power Partners will increase to approximately 7,000 net MW. Equity capital for the transaction will come from Carlyle Power Partners II, L.P.
Kay McCall, Noble President and CEO, said, “Carlyle’s extensive experience in the power industry makes it a fantastic owner of the largest wind generation platform in New York. We are pleased that Carlyle has chosen to build on Noble’s tradition of operational excellence in order to generate clean energy for years to come.”
Contacts:
The Carlyle Group Noble Environmental Power
Christa Zipf: +1 (212) 813-4578 Kay McCall: +1 (860) 581-5010
christa.zipf@carlyle.com info@noblepower.com