Orrick Advises Gamesa in $888 Million Wind Project Sale

March.16.2012

New York - In one of the largest renewable energy deals of the year, Orrick represented Spanish wind turbine manufacturer Gamesa Energy USA, LLC in a multifaceted transaction that included the sale of four wind facilities to Algonquin Power & Utilities totaling $888 million. J.P. Morgan Chase & Co. and Morgan Stanley have also signed on as tax equity investors.

The 480 megawatt wind portfolio consists of Minonk, a 200 megawatt project located in Illinois, Senate, a 150 megawatt project located Texas, Pocahontas Prairie, an 80 megawatt project located in Iowa, and Sandy Ridge, a 50 megawatt project located in Pennsylvania.  The facilities were acquired through a joint venture called American Wind Portfolio Holdings, whose members include Algonquin, which owns 51 percent, and Gamesa, which owns 49 percent.

"This transaction is a testament to both Gamesa's ability to build projects that attract investors, and to the knowledge and experience of Orrick's energy team, and its ability to structure and implement complex transactions," said New York energy and infrastructure partner Chris Moore.

The Orrick team included Chris and Washington, D.C., energy and infrastructure partner Paul Zarnowiecki.