Invenergy LLC, Caisse de dépôt et placement du Québec and funds managed by Blackstone Inc. (NYSE:BX) entered into an agreement to acquire Unregulated Renewables Assets from American Electric Power Company, Inc. (NasdaqGS:AEP) for $1.3 billion on February 22, 2023. Buyers acquired the 1,365-megawatt unregulated, contracted renewables portfolio at an enterprise value of $1.5 billion including project debt. The acquired assets include 14 projects in 11 US states with 1,200 MW of wind power and 165 MW of solar power, which are supplied under long-term agreements to various utilities, corporations and municipalities.

The sale is subject to satisfaction of customary closing conditions, including regulatory approval by the Federal Energy Regulatory Commission, clearance from the Committee on Foreign Investment in the United States and approval under applicable competition laws. The sale is expected to close in the second quarter of 2023. As of July 27, 2023, the sale is expected to close in August 2023. The proceeds from the sale will be directed to the significant pipeline of opportunities to enhance service for customers across AEP footprint and advance AEP clean energy transition.

J.P. Morgan is serving as lead financial advisor and Citigroup Global Markets is serving as financial advisor to AEP for this transaction. Charlie Brewer, Demi Grekos, Steven Haas and Jim Kennedy of Hunton Andrews Kurth LLP acted as legal advisor to AEP. BofA Securities, Inc. acted as financial advisor for Invenergy and Caisse de dépôt et placement du Québec. Rhett A. Van Syoc, P.C., Tatiana Monastyrskaya, Robert B. Warfield, Sophia Han, Mark Dundon, Joe Tobias, Brooksany Barrowes, Shahrzad Sadjadi, Marcia Hook, Ivan A. Schlager, P.C., Nathan L. Mitchell, Carla A. R. Hine, Alasdair Balfour, Sabrina C. Glaser, and Meghan Dolan of Kirkland & Ellis LLP acted as legal advisor to Blackstone Infrastructure Partners, L.P. a fund managed by Blackstone. Mayer Brown LLP acted as legal advisor to Caisse de dépôt et placement du Québec.

Invenergy LLC, Caisse de dépôt et placement du Québec and funds managed by Blackstone Inc. (NYSE:BX) acquired Unregulated Renewables Assets from American Electric Power Company, Inc. (NasdaqGS:AEP) for $1.2 billion on August 16, 2023. AEP nets approximately $1.2 billion in cash after taxes, transaction fees and other customary adjustments. IRGAH raised a loan from Bank of America Securities to fund the acquisition and The transaction is financed by Banco Santander S.A., Cooperatieve Rabobank U.A, Natixis CIB, Banco Bilbao Vizcaya Argentaria S.A., CaixaBank, S.A., MetLife, Inc., National Westminster Bank plc, Societe Generale and ICBC. Tara Higgins, Noreen Phelan, Hagai Zaifman, Terence Healey, James Mendenhall, Sven De Knop, Patrick Harrison, Benson Cohen Edward Sharon, Grigore Alexandru, Karl Pielmeier, Laurenz Bové, Justin Becker, Jennifer Waclawik and Alessandra Moroni of Sidley Austin LLP acted as legal advisor to Invenergy.