Alternative Energy Projects Heat Up at Aequitas Capital Management
Posted on: Wednesday, 7 March 2007, 15:01 CST
Portland-based alternative investment firm Aequitas Capital Management, Inc. completed a four-month wind energy project transaction with Edom Hill, a 21-year-old California wind farm by acquiring the rights of the company, employing a repowering plan and selling the company to an investor.
In August 2006, Aequitas Capital signed a detailed Term Sheet to acquire the Edom Hills wind farm outside of Palm Springs, Calif., including all of the project's real property rights, its power sales agreement, and all of its existing wind turbines, electric interconnection and substation facilities. By developing a repowering plan whereby the wind farm's existing 140 smaller turbines would be replaced with eight new 2.5 MW wind turbines, Aequitas Capital effectively doubled the project's generating capacity to 20MW. The project rights and the repowering plan were then sold by Aequitas Capital to a strategic investor in December 2006, although Aequitas retains the right to refurbish and sell a portion of the replaced turbines.
"This unique wind energy project transaction demonstrates Aequitas' ability to structure complex project finance deals," says Andy MacRitchie, Executive Vice President of Aequitas Capital. "Our funds provide a perfect funding vehicle to make development stage capital investments into our clients' alternative energy projects."
With the recent extension of the Federal Protection Tax Credit for Alternative Energy Products through 2008, Tom Sidley, senior managing director of energy at Aequitas Capital, is enthusiastic about Aequitas' future energy projects.
"The future looks bright for the Aequitas Capital energy team," said Sidley. "The extension has energized the market for 2007, including several hydroelectric, wind, biodiesel and biomass projects for Aequitas."
About Aequitas Capital Management
Established in 1993, Aequitas Capital is an innovative investment firm providing private equity and commercial finance products to the middle market, healthcare and energy sectors. Our value proposition for our clients is in our hands-on approach to advising, structuring and investing. For more information, visit www.aequitascapital.com or call (503) 419-3500.
Source: Business Wire
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