Norton Rose Fulbright represents IRG Acquisition Holdings in purchase of US$1.5bn renewables portfolio from American Electric Power
United States | Press release - Business | February 2023
Global law firm Norton Rose Fulbright represented IRG Acquisition Holdings (IRG), a partnership between Invenergy, CDPQ and funds managed by Blackstone Infrastructure, in the purchase of a 1,365-megawatt (MW) unregulated, contracted renewables portfolio from American Electric Power (AEP) for an enterprise value of US$1.5 billion.
The landmark transaction represents one of the largest, fully-operational renewables portfolios to come to market in years. Spanning 11 states, the portfolio includes 14 projects comprised of 1,200 MW of wind and 165 MW of solar energy. The renewable power from the projects is contracted under long-term agreements with other utilities, corporations and municipalities. The sale is expected to close in the second quarter of 2023.
In addition to projects partner Sameer Ghaznavi (Chicago), who led this transaction, the core deal team included projects tax partner Hilary Lefko (Washington, DC), corporate partner Jared Kaplan (New York), senior associate Megan Savage and associates Erin Mitchell (Houston), Geetika Jerath (Austin) and Jamal Abdulrasheed (Chicago).
Additional support was provided by Madison Keeble, Lauryn Robinson, Lauren Thomas, Vanisha Weatherspoon (Austin), John Young, Kayce Borders (Chicago), Luke Edney, Jesse Hollingsworth, George Khoukaz (Dallas), Bob Greenslade (Denver), Kat Gamache, Kevin Gieseke (Houston), Justin Lee (Los Angeles), Marjorie Glover, Andrew Skroback, Gerald Stein (New York), Rebecca Abou-Chedid, Tom Delaney, Stefan Reisinger, Andy Eklund, Sol Kwon, Senal Ranatunga, Leslie Rebnord and Maeve Tibbetts (Washington, DC).
