EverPower Wind Holdings

Website

www.terrafirma.com

Services

In app support

EverPower was a prominent US wind energy development and generation company, managing a significant portfolio of assets primarily in the Northeast and West Coast power markets. Acquired by Terra Firma in November 2009, the company was strategically developed into a substantial renewable energy generator, ultimately achieving a generating capacity of 752 MW across seven operational wind farms. Under Terra Firma's ownership, EverPower expanded its footprint by developing four sites from its existing pipeline and through key acquisitions, including the 150 MW Mustang Hills wind farm in California in 2012 and the 240 MW Big Sky wind farm in Illinois in 2014.

The company adeptly navigated a challenging period for the wind power sector, employing a disciplined approach to construction and development costs. It capitalized on distressed market conditions to pursue further acquisitions, thereby generating significant scale. EverPower successfully secured US government cash grants for its constructed projects, which effectively lowered its capital costs, and implemented competitive construction and project financings at attractive levels.

In early 2018, Terra Firma completed the disposal of EverPower's 752 MW portfolio of operating wind farm assets to a fund managed by BlackRock Real Assets. This was followed in July 2018 by the sale of EverPower's development operations, which included a substantial pipeline of more than 2 GW, to innogy. The strategic decision to sell EverPower as two separate portfolios maximized value for investors, reflecting the distinct strengths of each unit.

Locations

• Pittsburgh, Pennsylvania