Global private equity and infrastructure investment firm First Reserve announced on Wednesday it has expanded its portfolio to now include wind energy. The company said in a statement it has agreed to acquire the Kingfisher Wind power project in Oklahoma from Virginia-based Apex Clean Energy, an independent renewable energy company.
The Kingfisher Wind project is a 298 megawatt (MW) wind power generation project located in Canadian and Kingfisher Counties in Oklahoma. The total cost of the project is not known, however, it is scheduled to be completed sometime in 2015.
Apex Clean Energy is an independent renewable energy company focused on building utility-scale generation facilities. In 2013, Apex announced over 750 MW of power purchase agreements and is currently building one of the nation’s largest, most-diversified portfolios of renewable energy resources, capable of producing over 10,000 MW of clean energy.
Managing Director and Head of Infrastructure Funds for First Reserve Mark Florian commented:
“First Reserve is pleased to be making one of the initial investments in its second energy infrastructure fund. Through partnership with experienced and reliable counterparties, we hope to diversify our energy infrastructure portfolio while continuing to provide long-term returns for our investors.”
Apex will be serving as the construction manager and asset manager for the Kingfisher Wind project. First Reserve has offices in Connecticut, London, and Houston.