ACUA News

November 9, 2015

INFIGEN Announces Sale of US Wind Business Ownership of Jersey-Atlantic Wind Farm Changes Hands

Atlantic City, NJ – Infigen Energy, announced the sale of its US wind business, including the Jersey Atlantic Wind Farm located at the Atlantic County Utilities Authority’s (ACUA) Wastewater Treatment facility to Leeward Renewable Energy, LLC, a newly formed portfolio company affiliated with ArcLight Capital Partners.

Who: Infigen Energy is a renewable energy business with Class B equity interests in 18 US wind farms with a total installed capacity of approximately 1,557 MW, including the7.5 MW Jersey Atlantic Wind Farm, New Jersey’s only commercial wind farm, which is located in Atlantic City.  In total, Infigen’s projects have a capacity in excess of 1,600MW generating enough renewable energy per year to power over half a million households. Infigen develops, builds, owns and operates renewable energy generation assets and also manages the sale of the electricity produced to a range of customers in the wholesale market. 

What: Infigen has agreed to sell its US wind business to newly formed portfolio company Leeward Renewable, LLC, which is affiliated with ArcLight Capital Partners, LLC.

When: The transaction was completed at the end of October 2015, following the receipt of relevant US regulatory approvals and certain other third party consents.

Why: A sale of the US wind business helps Infigen obtain economic benefits associated with their Class B interests, which otherwise would not accrue to Infigen in a meaningful way until the end of the decade. Infigen will use the proceeds of sale to reduce its Global Facility debt and place Infigen’s retained Australian business on a stronger financial footing.     


Additional information: 
Infigen assets are now owned by Leeward Renewable Energy, LLC and Infigen’s personnel will become Leeward Renewable Energy employees. All contracts including the Power Purchase agreement with the Atlantic County Utilities Authority will be unchanged. ACUA’s agreement allows the Authority to purchase electricity generated by the five wind turbines on its site at a discounted, set rate. Since becoming operational in December 2005, the windfarm has saved the ACUA approximately $4.8 million in its first ten years of operation.



 
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