The project

Anemoi comprises four wind projects located in Oklahoma and Idaho that commenced operations between 2010 and 2012. All the wind turbines were supplied by five well-established international manufacturers. After successfully selling the minority stake in a fifth project in the initial portfolio, DIF IV is left with four projects in which it has equity stakes of 25% to 100%, with an installed capacity of 680MW. The portfolio is underpinned by long-term power purchase agreements (PPAs), with an average of 18 years remaining life at acquisition.

Status
Operational
Investment date
February 2016
Country
United States
Fund
DIF IV & V
Wind turbine in a snowy field
5
Wind projects
805MW
Total generation capacity
306
Turbines
100%
Equity stake

After becoming the managing member of Anemoi Wind, we were able to make a range of positive changes to the operational and financing structure. The existing MSA provider for three projects was replaced following a tender process with one of DIF’s preferred suppliers. Two projects were refinanced to replace holding company debt with project level debt, delivering a special distribution to investors in the process. In addition, we were able to leverage our knowledge of one of the assets; such that DIF V was successful in acquiring the remaining equity stake (75%) of one of the projects, together with 100% of an additional 20 MW wind farm in New Mexico.

The portfolio is now diversified geographically, by energy off-takers and turbine technologies, and provides a renewable source of energy to electricity grids that cover more than 15 American states.