The process of selling the company behind the proposed Buckeye Wind turbine project is reportedly underway.
The Wall Street Journal reported Thursday that United Kingdom-based Terra Firma Capital Partners has launched a sale process for its US wind energy business, according to a person familiar with the matter.
Terra Firma reportedly hired Barclays and KeyBanc Capital Markets Inc., a US-based investment bank with a focus on the renewable energy sector, to run the process for EverPower Wind Holdings Inc.
The targeted sale price was not available, but the Journal reported in 2015 that the business could achieve a value of $1.5 billion including the assumption of debt.
EverPower was acquired by Terra Firma in 2009 for $486.6 million. The Journal states EverPower has grown through a series of development projects and acquisitions from a small alternative energy provider to an operator of seven wind farms with 752 megawatts of generating capacity.
The Journal notes the sale process comes at a time when wind developers remain eligible to take advantage of lucrative US federal subsidies for renewable energy. In 2015, credits for new wind and solar projects were extended through 2019.
Under development since 2006, EverPower’s Buckeye Wind project proposed to construct more than a combined 100 turbines in Champaign County through two phases of the project. Earlier this month, the Ohio Supreme Court held oral arguments on an extension which was previously granted in the project.
EverPower is also developing the Scioto Ridge project which proposes to construct over 80 turbines in Hardin County. This project was also proposed to include turbines in Logan County until Logan County Commissioners rejected an application seeking payment in lieu of taxes last summer.
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