Engie North America has acquired California-based developer Infinity Renewables, which has an 8GW pipeline of projects in various stages of development.
The transaction closed yesterday (20 February) and Engie’s legal advisor was Norton Rose Fulbright, according to a spokesperson. The sale was a result of an auction process, she said, and declined to comment on the purchase price.
In August 2017, an Infinity Renewables executive told Inframation that the company may decide to sell equity stakes in individual projects, but did not mention a broader corporate sale process. The Engie spokesperson said the company plans to begin construction of two projects in Infinity Renewables’ development pipeline this year, financing them by raising project-level debt.
Infinity Renewables had a couple of projects ready for tax equity and debt financing this year, including Solomon Forks Wind and Seymour Hills, as reported. The developer has developed and sold more than 1,600MW of projects that are now operational, according to Engie’s announcement from 20 February. Its power purchase agreement counterparties include corporate entities including Target, wine producer Brown-Forman and T-Mobile.
As part of the transaction, Engie will retain the entire Infinity Renewables staff, including its principals. Engie’s North American business includes renewable and gas-fired power generation, as well as LNG distribution and sales.