InfraRed Capital Partners to acquire stakes in four wind assets from Algonquin Power & Utilities Corp.
Matthew Thomlinson +44 7785 528363
Preslav Tonkov: +44 7884 752684
InfraRed Capital Partners (“InfraRed”) today announces that it has entered into an agreement to acquire a 49% stake in a portfolio of three operating, utility-scale wind assets in the US from Algonquin Power & Utilities Corp. (“Algonquin”), a leading renewable energy and utility company with over $17 billion of total assets. InfraRed has also agreed to acquire an 80% stake from Algonquin in Blue Hill, a Canadian wind asset.
The portfolio comprises the following operational projects:
- Deerfield, a 149 MW wind farm in Michigan
- Odell, a 200 MW wind farm in Minnesota
- Sugar Creek, a 202 MW wind farm in Illinois
- Blue Hill, a 175 MW wind farm in Saskatchewan
This acquisition will positively contribute both to the geographic and offtake diversity of InfraRed’s renewables portfolio.
Through this transaction, InfraRed has established a long-term, strategic relationship with Algonquin, as the first partner in its asset recycling plan. Algonquin will continue to function as operator of all four assets. The transaction illustrates InfraRed and Algonquin’s alignment in their commitments to the advancement of the United Nations’ Sustainable Development Goals.
Jack Paris, Head of Americas at InfraRed Capital Partners, said:
“These assets fit perfectly into our approach to the energy transition. They benefit from being heavily contracted with the result of de-risked revenue streams, alongside their geographic diversification. We are excited that this investment marks the start of a long-term partnership with Algonquin. We look forward to leveraging their expertise, acquired from their 4 GW of operating renewables capacity, to act as operator of both the US portfolio and Blue Hill.”
Closing of the transaction is subject to certain regulatory approvals and other customary closing conditions. It is expected to close in December 2022.
About InfraRed Capital Partners
InfraRed Capital Partners is an international infrastructure investment manager, investing in real assets which contribute positively to society and support the transition to a net zero future. It operates worldwide from offices in London, New York, Sydney and Seoul. With around 170 professionals, it manages US$14bn+ of equity capital in multiple private and listed funds, primarily for institutional investors across the globe.
At InfraRed, a long-term, sustainability-led mindset is essential to delivering lasting success, and this mindset directs its assessment and management of the Environmental, Social and Governance (“ESG”) aspects of its business. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has been awarded triple A+ score in the 2020 review (relating to the 2019 assessment period). It is also a member of the Net Zero Asset Manager’s Initiative, a certified CarbonNeutral® company1 and is a TCFD supporter.
InfraRed is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. Over the past 30 years, InfraRed has established itself as a highly successful developer and custodian of core infrastructure, renewable energy and real estate assets that play a vital role in supporting sustainable communities.
1 In accordance with The CarbonNeutral Protocol. Further information is available at https://carbonneutral.com/ the-carbonneutral-protocol