Terra Firma buys Everpower Wind
LONDON, ENGLAND - British private equity firm Terra Firma said it has bought Everpower Wind Holdings in a deal that a source said was worth around $350 million, looking to tap into the growing renewable energy sector.
The capital injection will help U.S. wind energy business Everpower finance its development pipeline, the companies said, without disclosing financial details.
"We see significant investment potential in the fast growing U.S. renewable energy market, and Everpower has both a strong management team and an attractive portfolio of projects," Terra Firma Chairman Guy Hands said in a statement.
U.S. President Barack Obama has kept energy reform high on his priority list since taking office in January, providing incentives for wind energy development.
The deal was worth around $350 million, a source familiar with the situation said. Terra Firma was advised by Morgan Stanley and Climate Change Capital.
Terra Firma has bought the business from renewable energy fund Good Energies and the Everpower management team, both of which are re-investing alongside Terra Firma.
The deal is only Terra Firma's second since its ill-fated 4 billion pound (US$6.54 billion) buyout of music business EMI at the height of the buyout boom in 2007.
The ailing music group accounted for the vast majority of Terra Firma's 1.37 billion euro (US$1.96 billion) writedowns this year, and Terra Firma was forced to inject extra capital into EMI twice in just six months.
Everpower owns a newly constructed project with a 62 megawatt output and has a near-term development pipeline to provide over 800 megawatt of power.
Its business is concentrated in the North East and West Coast power markets which benefit from stronger prices and available transmission, Terra Firma said.
Terra Firma bought Australia's second-largest beef producer Consolidated Pastoral Company in March this year from gaming industry boss James Packer, the son of the late media mogul Kerry Packer.
That deal was valued at around 425 million Australian dollars (US$356.2 million) and partly financed by Rabobank, according to media reports.
Related News

Ontario introduces new 'ultra-low' overnight hydro pricing
TORONTO - The Ontario government is introducing a new “ultra-low overnight” electricity plan that can benefit shift workers and individuals who charge electric vehicles while they sleep.
Speaking at a news conference on Tuesday, Energy Minister Todd Smith said the new plan could save customers up to $90 a year.
“Consumer preferences are still changing and our government realized there was more we could do, especially as the province continues to have an excess supply of clean electricity at night when province-wide electricity demand is lower,” Smith said.
The new rate, which will be available as an opt-in option as of May 1,…