Invenergy LLC said Thursday it’s taking part in its largest acquisition since the private wind, solar and natural gas developer was founded in 2001 with a deal to buy a 1,365-megawatt (MW) unregulated, contracted renewables portfolio from American Electric Power AEP for $1.5 billion in enterprise value including debt. IRG Acquisition Holdings, a partnership including Invenergy, Quebec state pension fund CDPQ and funds managed by Blackstone Inc.’s BX Blackstone Infrastructure unit is buying the AEP portfolio. The acquisition is expected to close in the second quarter. The AEP portfolio of 14 projects in 11 states includes 1,200 MW of wind generation and 165 MW of solar projects. Banco Santander S.A. is structuring agent, coordinating lead arranger of the deal. BofA Securities was financial adviser to IRG Acquisition Holdings.
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