Deutsche Bank’s Trust and Agency Services (TAS) supports Stonepeak on a US$300m investment

The transaction will give Stonepeak equity ownership in a portfolio consisting of four US onshore wind farms with a total capacity of 957MW. On 13 March 2024, Ørsted, the Danish multinational energy company, announced it was divesting its equity ownership stake with the intention of recycling capital to support its business plan and future value-creating renewable energy projects.¹

The portfolio consists of four wind farms across three states:

• The Ford Ridge Wind project in Illinois;
• The Helena Wind project in Texas;
• The Western Trail Wind project in Texas; and
• The Sunflower Wind project in Kansas.

The deal represents a total capacity of 957MW across three different markets: the Electric Reliability Council of Texas (ERCOT), Midcontinent Independent System Operator (MISO), and Southwest Power Pool (SPP). The projects are all currently operational and have power purchase agreements in place for all or parts of the production capacity.

Anthony Borreca, Senior Managing Director at Stonepeak, said, “The need for efficient infrastructure with the power to further the energy transition continues to grow, and onshore wind continues to play a major role in helping to meet that demand. Ørsted’s US onshore assets are young and have been built with trusted technology, which gives us confidence in their potential to make a meaningful and positive long-term impact on the communities they serve. We look forward to partnering closely with Ørsted on this highly contracted, geographically diverse portfolio.”

“We are pleased to be supporting Stonepeak on this transaction with our agency services, as it looks to further expand its wind farm capacity in the US and support the energy transition,” said Thalia Delahayes, Head of Project Finance Agency, Americas, Deutsche Bank.

Sources

¹ See orsted.com