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Fiera Axium-led consortium buys stake in 1.1GW US wind portfolio from EDPR

CTBR Staff Writer Published 20 April 2015

A Fiera Axium Infrastructure-led consortium has acquired a minority ownership stake in a 1.1GW portfolio of operational US wind farms from EDP Renewables (EDPR).

Wind farm

The consortium includes Fiera Axium Infrastructure US, Swiss Life Funds Global Infrastructure Opportunities, SICAV-SIF, and John Hancock Life Insurance.

The portfolio includes eight facilities located in seven states. The assets have an average life of more than 16 years left on their power purchase agreements.

EDPR will retain a majority stake in the portfolio and continue to manage the assets.

In November 2013, Fiera Axium acquired a 49% ownership stake in the 97MW Wheat Field project in Oregon from EDPR.

Commenting on the latest transaction, Fiera Axium Infrastructure US manager Paulo Arencibia said: "The addition of a stable, yielding portfolio of this calibre is an attractive development for our limited partners and a significant milestone for Fiera Axium as a core infrastructure investor in the United States."

Santander Bank and Prudential Capital Group have provided credit facilities to support the acquisition financing.

EDPR has developed wind farms since 1996 and was first listed publicly in June 2008. The company's worldwide presence is managed by two regional platforms which are responsible the development, construction and operation of assets in their geographic areas.

EDPR Europe manages facilities situated in the European Union and EDPR North America manages assets in the US and Canada.

Image: EDPR's Twin Groves wind farm in the US. Photo: courtesy of EDP Renováveis.