Wind Power

Carlyle Group Affiliate Buys 612 MW of Wind Power Capacity in New York

Carlyle Group Affiliate Buys 612 MW of Wind Power Capacity in New York

An affiliate of investing firm The Carlyle Group is acquiring 612 MW of New York wind farms from Noble Environmental Power.

Zephyr Wind Energy, Carlyle’s newly established affiliate, is buying the wind generation portfolio that includes six wind farms in three northern and western New York counties. Those include three in Clinton County totaling 279 MW, two in Wyoming County totaling 227 MW and a 106-MW wind farm in Franklin County.

Financial terms were not disclosed. Pending regulatory approvals, the transaction could close in the fourth quarter.

The acquisition of the Noble assets is Carlyle’s first foray into wind generation, according to the release. The move also is in a state in which New York leaders vow to generate 50 percent of electricity there by renewable resources by 2030.

“We are excited to acquire this platform, which brings important diversification to the Carlyle Power Partners portfolio,” said Matt O’Connor, Carlyle Managing Director and Head of Carlyle Power Partners, in a statement. “Zephyr is our first wind investment and provides an opportunity to help New York state meet its clean energy goals. Additionally, the Noble operations platform we are acquiring has a history of strong operations, engineering innovation and community relations, which go hand in hand with our goal of providing best-in-class management to power generation facilities.”

When the acquisition of the Noble platform is completed, the total power generation portfolio of Carlyle Power Partners will increase to approximately 7,000 net MW. The Noble assets acquired by Carlyle currently produces 29 percent of the wind energy generated in New York.