UK PE firm acquires EverPower in $350M deal

British private equity firm Terra Firma Capital Partners said today it has acquired New York-based EverPower Wind Holdings, a U.S. wind farm developer, from Good Energies and EverPower company management.

Financial details were not disclosed, although the deal is reportedly valued at around $350 million.

EverPower Wind Holdings, formerly called EverPower Renewables, has more than 1,500 megawatts of wind power projects under development in seven U.S. states, with a focus on New York, Oregon, Ohio and Pennsylvania. Established in 2002, the utility-grade wind developer is expected to use the funding partly to expand its development pipeline and to refinance a loan.

Switzerland-based Good Energies, a global investor in renewable energy and energy efficiency industries, is privately funded by the Brenninkmeijer family through their Switzerland-based Cofra Holding company. Good Energies invested $55 million in EverPower in 2007 (see EverPower wind attracts Good Energies and Swiss group spreads the cash around). 

Since 1994, Terra Firma has invested approximately €11 billion ($15.7 billion), mainly in Europe, specializing in buying out large, asset-rich businesses that are under-performing or in need of a change in direction. The firm is controlled by chief investment officer and Chairman Guy Hands.

"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," said Hands, in a news release.

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