Case Studies


Sale of Noble Environmental Power’s NY Wind Porfolio to The Carlyle Group

TRANSACTION OVERVIEW

  • On September 5, 2018, The Carlyle Group (“Carlyle”) announced the acquisition of a 612 MW merchant wind portfolio in New York and a dedicated operations platform from Noble Environmental Power (“Noble”)
  • The portfolio currently produces 29% of New York State’s wind power and represents the largest wind portfolio in the state
  • The transaction represents Carlyle’s first investment in wind power generation

NOBLE ENVIRONMENTAL POWER OVERVIEW

  • Founded in 2004, Noble Environmental Power is a leading wind energy company with a 726 MW generation portfolio composed of 484 GE 1.5 wind turbines
  • Headquartered in Centerbrook, CT, Noble has been the exclusive operator of all of its wind assets since inception

THE CARLYLE GROUP OVERVIEW

  • The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $210bn of assets under management across 335 investment vehicles
  • Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit, and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America, and South America

GREENTECH’S ROLE

  • Greentech served as the exclusive financial advisor to Noble and was closely involved in all aspects of the transaction, including preparation of process materials, buyer outreach, due diligence, transaction structuring, and negotiation of definitive documentation
  • Greentech’s deep industry relationships, renewable energy expertise and extensive transaction experience led to a robust process with significant competitive tension, allowing Noble to maximize value and execution certainty

WHAT THE TRANSACTION MEANS FOR WIND SECTOR

  • Carlyle’s investment demonstrates the growing interest in renewables from investors historically focused on conventional power
  • Recently, low returns for fully-contracted assets have driven an increase in investor appetite for merchant exposure
  • This transaction demonstrates the significant demand for wind projects in liquid power markets with high barriers to entry for new-build renewables

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