Chinese wind turbine manufacturer Goldwind International Holdings is selling its 20 MW Musselshell wind portfolio in Montana to Toronto-based developer and independent power producer Potentia Renewables.
Marathon Capital acted as exclusive sell-side adviser on the competitive sale process.
Stonebridge Financial Corp. acted as lead arranger to Potentia on a related financing, which was provided by Industrial Alliance Insurance and Financial Services.
Philippe Lavertu, cfo of Marathon, and a spokesperson for Goldwind Americas, both in Chicago, declined to comment on the financial terms of the deal. Spokespeople for Potentia did not respond to inquiries.
The deal marks Potentia's first operating wind project acquisition in the U.S., as it looks for more acquisition and development opportunities in the country. The company already owns a 32 MW community solar portfolio in Minnesota.
Outside the U.S., Potentcia owns operational, under construction and long-term contracted wind and solar assets in Canada and the Caribbean, bringing its overall portfolio to more than 850 MW.
"Time was right"
Located in Wheatland County, the Musselshell project comprises two 10.5 MW wind projects.
Their original developer, Germany’s Volkswind, secured permits and a PPA priced at $69.04 MW/h with Northwestern Energy before selling the projects to Goldwind in January 2012.
Goldwind fitted them with seven of its own 1.5 MW turbines and brought them online in December 2012.
"As part of our expansion and commercialization strategy in North America, Goldwind expanded its pipeline of projects in the U.S., and when the time was right, our plan was to divest our interests in those projects to strategic buyers," said Saad Qais, cfo for Goldwind Americas, in a statement.
Goldwind Americas will continue to provide long-term maintenance and warranty services to the Musselshell portfolio.