First Reserve, the largest global private equity and infrastructure investment firm exclusively focused on energy announced an agreement to acquire the Kingfisher Wind power project from Apex Clean Energy (“Apex”), an independent renewable energy company. Kingfisher Wind is a 298 MW wind power generation project located in Canadian and Kingfisher Counties in Oklahoma, scheduled to be completed in 2015. Financial terms of the transaction were not disclosed.
First Reserve believes the project benefits from a strong, consistent wind resource. In addition, the firm expects Kingfisher Wind to have a 20-year energy hedge for most of its power generation, as well as long-term construction and operating/maintenance agreements with strong partners.
With over 2,700 MW of near-term wind projects in the U.S., Apex will also serve as the construction manager and asset manager for the Kingfisher Wind project. Apex has successful prior experience in Oklahoma, having developed and constructed a similar adjacent project on-time and under-budget.
Mark Florian, Managing Director and Head of Infrastructure Funds for First Reserve, commented “First Reserve is pleased to be making one of the initial investments in its second energy infrastructure fund. Through partnership with experienced and reliable counterparties, we hope to diversify our energy infrastructure portfolio while continuing to provide long-term returns for our investors.”
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Mark Goodwin, Apex Clean Energy President, added, “This transaction highlights Apex’s broad capabilities to deliver turn-key clean energy solutions for our financial partners, while providing affordable, clean energy. Apex is excited to continue its involvement in managing all aspects of Kingfisher Wind, from development through asset management.”.
Morrison & Foerster advised First Reserve with a team led by global private equity chair and New York corporate partner Jonathan M.A. Melmed. Advice was also provided by San Francisco debt finance partner Jeffrey Kayes.