EDF Renewable Energy announced today that a consortium led by Axium Infrastructure has executed a purchase and sale agreement to acquire a 50% ownership interest in the Slate Creek Wind Project. The transaction is subject to customary conditions precedent.
The 150 MW Slate Creek Wind Project in Sumner County, Kansas reached commercial operation on December 29, 2015. The wind facility is comprised of 75 Vestas 2 MW wind turbines. Kansas City Power & Light purchases the electricity generated pursuant to a 20-year, fixed-price power purchase agreement.
This transaction marks the third acquisition by Axium in partnership with EDF EN North America. Upon the closing of the Slate Creek transaction, Axium and its investors will hold interest in four assets totaling 277 megawatts (MW) of installed capacity alongside EDF EN Canada and EDF Renewable Energy. All of the assets are fully contracted under long-term power purchase agreements.
“The EDF RE team is excited to bring their expertise as developer, asset manager and operator to this first partnership with Axium in the United States,” commented Raphael Declercq, Vice President of Portfolio Strategy. “In addition to this deal, we have transacted with Axium on two solar assets in Ontario in 2012 and on the Saint-Robert-Bellarmin wind farm in 2014. The sale of equity stakes in our assets represents an integral part of our business model to maintain a balance between growing our own portfolio while continuing to help fund the development of new projects.”
“We are delighted to partner once again with EDF RE,” said Paulo Arencibia, Vice President and Investment Director of Axium Infrastructure US Inc. “With this transaction, we continue to build our US wind portfolio, increasing diversification across wind resource regions, power markets and turbine technologies.”
EDF RE will remain involved in the project as a 50% co-owner and will provide management services. EDF Renewable Services will continue to provide a portion of the current operations and maintenance services as well as 24/7 remote monitoring from its Operations Control Center (OCC).
EDF Renewable Energy is one of the largest renewable energy developers in North America with 8 gigawatts of wind, solar, storage, biomass and biogas projects developed throughout the US, Canada, and Mexico.
Axium Infrastructure is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium Infrastructure manages dedicated infrastructure funds having $1.5 billion in assets under management as well as more than $900 million in co-investments.