Invenergy acquires $1.5-bln renewables portfolio

CHICAGO, August 18, 2023 – Invenergy Renewables and its partners have acquired American Electric Power’s 1.4-GW renewables portfolio for USD 1.5 billion, the US renewables player announced on Wednesday.

The portfolio consists of 14 projects in 11 US states, including wind projects with a capacity of 1.2 GW and solar projects with a capacity of 165 MW.

The acquisition is being handled by IRG Acquisition Holdings, which is a joint venture between Invenergy Renewables, Canadian global investment fund Caisse de dépôt et placement du Québec and US infrastructure fund Blackstone Infrastructure Partners.

IRG Acquisition Holdings secured a USD 580 million commitment for a first-of-its-kind tax credit transfer from Bank of America Securities, which leverages President Joe Biden’s new tax structure under the new climate law.

“We are excited to support this transaction with Invenergy and their partners in IRG Acquisition Holdings,” said Karen Fang, global head of sustainable finance at Bank of America.

“This represents the first announced large scale transferability transaction to close since the passing of the Inflation Reduction Act in August 2022 and creates a financeable transferability product that will be used to scale the growth of renewable energy, energy transition and its associated supply chain development.”

Invenergy Renewables is headquartered in Chicago with regional development offices in the USA, Canada, Mexico, Spain, Japan, Poland and Scotland.

The company has developed more than 30 GW of projects that are in operation or in development phases, including wind, solar, transmission infrastructure and natural gas power generation and advanced energy storage projects in the Americas, Europe and Asia.

According to the International Energy Agency, around USD 4 trillion in spending will be required each year by 2030 to allow world economies to achieve net-zero carbon emissions.

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