Press Releases

Terra Firma Capital Partners sells EverPower operating wind assets to a Fund managed by BlackRock Real Assets

Dec 01, 2017

New York and London, UK (1 December 2017) – Terra Firma has reached an agreement to sell the portfolio of operating assets of EverPower, a leading US based wind energy development and generation company, to a fund managed by BlackRock Real Assets. 

Through this transaction, a fund managed by BlackRock Real Assets will acquire 752 MW of wind assets across seven sites in Pennsylvania, Illinois, California and New York.  Terra Firma continues the sale process of EverPower’s 3GW development business.

Since Terra Firma’s acquisition of EverPower in 2009, the company has successfully grown the operating capacity 12-fold to become a top 25 wind energy producer in the US.

David Giordano, BlackRock’s Head of Renewable Power, Americas & APAC, said:

“This transaction demonstrates BlackRock’s continued focus on investing in renewable power investments, which currently amount to nearly US$5 billion of equity assets under management . The seven operating onshore wind farms that we have agreed to acquire from EverPower will provide our clients with strong geographic diversification in fundamentally sound, strategically advantaged assets.”

Andrew Géczy, Chief Executive Officer of Terra Firma, said:

“I’m delighted to announce today the signing of this agreement to sell EverPower’s operating sites. This reflects our intention to realise our investment in EverPower, and demonstrates our ability to be creative in order to maximise value for our investors. Under Terra Firma’s ownership, EverPower has become a growth-oriented, high quality developer, with a large and very strong portfolio of operational assets. Terra Firma’s decision to divide EverPower’s portfolio reflects the standalone strength and scale of each unit and delivers the highest value to investors.”

Barclays and KeyBanc acted as financial advisors and Morgan, Lewis & Bockius LLP acted as legal advisor to the seller. Credit Suisse acted as exclusive financial advisor and Milbank, Tweed, Hadley & McCloy LLP acted as legal advisor to the buyer.

The transaction is subject to regulatory approval and is expected to close in H1 2018.

 

About Terra Firma

Founded by Guy Hands in 1994, Terra Firma is one of Europe’s leading Alternative Investment Platforms. The firm is run by the complementary partnership of Guy Hands, Justin King and Andrew Géczy.

Terra Firma specialises in building better businesses through the disciplined transformation of orphaned and undermanaged assets. We focus on five levers of value: transforming strategy, strengthening management, investing capital, building through M&A and lowering the cost of capital.

Terra Firma has deep experience as an investor and has invested €17 billion of equity in asset-backed companies in essential industries. The firm has also completed transactions with an aggregate enterprise value of €48 billion.


About BlackRock Real Assets

BlackRock Real Assets provides clients access to a distinct range of outcome-orientated real asset investment strategies – including infrastructure, real estate and renewable power – spanning the entire risk / return spectrum. Clients benefit from BlackRock’s global reach and local on-the-ground expertise, as well as the firm’s market-leading risk management, technology and analytics capabilities. As of June 30, 2017, BlackRock Real Assets managed nearly $40 billion in invested and committed client assets, supported by more than 350 professionals across 25 offices in 15 countries.


For more information:

Terra Firma
Rollo Head
Finsbury
+44 (0)20 7251 3801
terrafirma@finsbury.com

BlackRock
Farrell Denby
212 810 8034
Farrell.Denby@blackrock.com

 

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