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Invenergy and Consortium Acquire Renewable Energy Portfolio from AEP

Invenergy and partners acquire AEP's renewable energy portfolio worth $1.5 billion. This acquisition, led by Invenergy in partnership with La Caisse and funds managed by Blackstone Infrastructure Partners, includes 14 projects in 11 states with 1,365 MW of capacity.

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Invenergy, the leading private developer, owner and operator of sustainable energy solutions, today announced the creation of IRG Acquisition Holdings (IRGAH), a partnership between Invenergy, La Caisse and funds managed by Blackstone Infrastructure Partners (Blackstone) have completed the acquisition of American Electric Power’s (AEP) 1,365 megawatt (MW) unregulated renewable energy portfolio for an enterprise value of $1.5 billion.

Invenergy acquires 14 renewable energy projects in landmark transaction

“This transaction is the result of our innovative financing approach, the strength of our investor consortium and our exceptional team who will integrate the projects into our portfolio in collaboration with our partners and service providers,” said Meghan Schultz, Invenergy’s Executive Vice President and CFO.

“Invenergy has industry-leading operations and asset management capabilities, and we look forward to applying our unmatched expertise to this portfolio of projects.”

The portfolio, the largest-ever acquisition for American-led Invenergy, comprises 14 projects in 11 states and includes 1,200 MW of wind generation and 165 MW of solar projects. The renewable energy generated by these projects is covered by long-term agreements with various utilities, companies and municipalities. IRGAH secured a $580 million commitment for a unique PTC tax credit transfer with Bank of America Securities, which served as transferability underwriter and placement agent and financial advisor.

“We are delighted to support this transaction with Invenergy and its partners at IRG Acquisition Holdings. This is the first announced large-scale transferability transaction to close since the passage of the Inflation Reduction Act (IRA) in August 2022 and creates a financeable transferability product that will be used to accelerate the growth of renewable energy. energy transition and the development of its supply chain,” said Karen Fang, Global Head of Sustainable Finance at Bank of America.

The consortium obtained committed financing to support this acquisition from Banco Santander S.A., New York branch, which acted as structuring agent, coordinating lead arranger and loan coordinator Coöperatieve Rabobank U.A., New York branch, which acted as coordinating lead arranger and due diligence bank. Natixis CIB, which acted as lead arranger and coordinator of the Green loans, and Export Development Canada, which acted as lead arranger and coordinator.

Other lenders include: Banco Bilbao Vizcaya Argentaria S.A., New York Branch; Banco de Sabadell, S.A., Miami Branch; Bayerische Landesbank, New York Branch; CaixaBank, S.A.; MetLife, Inc; National Westminster Bank plc; Norddeutsche Landesbank Girozentrale, New York Branch; Société Générale; and ICBC, New York Branch.

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