Boston, MA /PRNewswire/ - ArcLight Capital Partners, LLC ("ArcLight") announced today their affiliate, Sequitur Renewables, LLC ("Sequitur"), has entered into an agreement with affiliates of GlidePath Power Solutions LLC ("GlidePath") to acquire five operating wind farms in Pennsylvania and West Virginia (the "Portfolio"). The Portfolio, totaling 185MW of operating capacity, sells power and renewable energy credits into the merchant PJM market. Sequitur is also acquiring 80MWh of battery energy storage ("BESS") development opportunities adjunct to the Portfolio from GlidePath. Closing is subject to customary conditions.
"ArcLight is excited to re-enter the wind market through the establishment of the Sequitur platform. This platform follows prior domestic wind-focused investments in Leeward Renewables, Terra-Gen Power and CPV Wind," said Carter Ward, Partner at ArcLight.
Affiliates of ArcLight recently announced development milestones associated with the 335MWh Long Beach Pier S BESS project in Long Beach, California and the 540MWh Luyster Creek BESS project in New York, New York.
"The Sequitur acquisition and BESS development opportunities leverage ArcLight's core expertise in power generation, renewables and energy transition," said Dan Revers, Managing Partner at ArcLight.
"Arclight's long history of wind operations will bring great value to these wind farms," said Chris McKissack, Chief Executive Officer of GlidePath, who continued, "and will allow GlidePath's team and investors to focus on our core business of deploying and operating energy storage projects."
ArcLight is a leading private equity firm focused on energy, infrastructure and energy transitions with a successful long-term track record. Founded in 2001, the firm helped pioneer an asset-based approach to investing across the power, renewables, infrastructure and broader energy value chain. Since then, ArcLight has invested approximately $27 billion in 119 transactions, including over $11 billion of equity capital into the electrification segment, which includes power, transmission, renewable infrastructure and energy transition investments. Through its large infrastructure portfolio, ArcLight is focused on providing decarbonizing energy solutions with a strong ESG focus. Based in Boston, the firm's investment team employs a value-added investment approach that benefits from its dedicated in-house technical, operational, and commercial specialists and partners, as well as the firm's approximately 1,800-person asset management affiliate. More information about ArcLight can be found at www.arclight.com.
Milbank served as legal counsel on the transaction to ArcLight. McGuire Woods served as legal counsel on the transaction to GlidePath.