London-based infrastructure investment manager InfraRed Capital Partners has finalized the acquisition of stakes in a 362-megawatt portfolio of wind and solar projects from units of Shell Plc.
The deal, arranged in December and completed recently, involved the acquisition of a 60% stake in Brazos Wind Holdings LLC, which owns a 182-MW wind repowering project in Fluvanna, Texas, and a 50% interest in Madison Fields Class B Member LLC, which holds the rights to a 180-MW solar park project in Ohio's Madison County.
Both projects are set to receive Inflation Reduction Act (IRA) tax credits. Shell will remain the asset and energy manager, retaining stakes of 40% and 50% in the wind and solar projects, respectively.
“This acquisition is both highly attractive as an investment and to further develop our strategic relationship with Shell, as we explore more opportunities within the region,” said Jack Paris, CEO of InfraRed. He highlighted that the assets align with the company's North American energy transition investment portfolio, benefiting from “contracted revenues with strong counterparties for attractive term-lengths.”
Shell Energy North America is the sole off-taker of the Brazos wind farm's output, while Madison Fields has a power purchase agreement (PPA) with a third party.
