Excelsior acquires 90.1% stake in Prairie Breeze II & III Wind Energy Center

Excelsior Energy Capital, through its North American Renewable Energy Fund, has executed definitive agreements for the acquisition of 90.1% of Invenergy’s sponsor equity interests in the combined 109 MW Prairie Breeze II and Prairie Breeze III projects, located in Antelope and Boone Counties, Nebraska. The transaction is expected to close in December 2019 upon certain closing conditions having been met.

The projects benefit from an over 3-year operating track record having begun operations in late 2015, and early 2016, respectively. The projects also have 25-year power purchase agreements with Lincoln Electric Systems and City of Grand Island, with remaining contract terms of more than 21 years.

Bank of America Merrill Lynch is the tax equity investor in the projects and as of the signing, the projects have no debt in place. The projects also benefit from proven General Electric wind turbine technology, utilizing the GE 1x Hybrid class turbine.

Invenergy will remain as a non-controlling part-owner in the projects and Invenergy Services will continue to provide Operations & Maintenance and Asset Management for the projects through a long-term contract.