Global Infrastructure Partners (GIP), the infrastructure fund headed by Adebayo Ogunlesi, a former vice chairman of Credit Suisse’s investment banking arm, has reached an agreement to acquire a 40 percent convertible preferred interest in New York-based Terra-Gen Power from private equity fund ArcLight Capital Partners. The deal is GIP’s first cleantech investment.
Terra-Gen owns or operates geothermal, wind and solar projects in the U.S., that combine, generate some 800 megawatts of electricity. It’s also has 5,000 megawatts of clean power projects under development.
“In Terra-Gen, we have a solid portfolio of operating renewable projects combined with a unique growth platform that includes each of the three most attractive clean energy technologies, ” said Jonathan Bram, the GIP partner leading the transaction, in a prepared statement.
Terms of the deal were not disclosed. Credit Suisse advised GIP.
ArcLight is also reportedly shopping around a portfolio of five wind farms in Europe, according to industry Website . We’ve contacted ArcLight and will post with any update.