Leading renewable energy consultancy and service provider Natural Power has provided technical due diligence services to Vitol to support its acquisition of three Pennsylvania wind farms totalling 244.4 MW from a fund managed by BlackRock.
The Highland North, Twin Ridges and Patton wind farms will be acquired by Vitol affiliate, Vitol PA Wind LLC, with the transaction expected to be completed later this quarter.
Jim Adams, president of Natural Power in North America, said: “We were thrilled to have played a role in supporting Vitol’s successful acquisition of an operating portfolio of wind projects. 2022 is proving to be a very active year for M&A in the US renewables industry, for operating assets as well as development projects and pipelines.”
Following the acquisition, it is understood that Vitol will invest significantly in the latest wind technology to repower two of the sites, extending the life of the wind farms and increasing their annual energy production.
Andrew de Pass, head of renewables at Vitol Inc., said: “This marks a big step in the development of our US renewables portfolio which has almost reached 1 GW of capacity. We continue to pursue our strategy of investing in assets where our expertise and capital enable us to add value to assets and our partners. On completion, we will be invested in more than 1.5 GW of renewable generation, as well as a growing portfolio of innovative sustainable energy solutions, from hydrogen, bio-methane and waste plastic recycling, to carbon capture and storage; demonstrating Vitol’s commitment to participate proactively in the energy transition. We appreciated Natural Power’s support in helping to make this acquisition successful.”
Natural Power has delivered technical advisory services on more than 100 GW of renewable energy projects, including more than 82 GW of onshore wind in North America. From its three US offices in New York, Seattle and the Denver area, the team supports a range of clients including institutional investors and banks, developers, asset owners, power producers and utilities, as well as government organizations, delivering services throughout the region and beyond.