Riverstone: Sale of wind development pipeline in France

Riverstone: Sale of wind development pipeline in France

Augusta & Co is pleased to announce the sale of the French portion of Velocita’s onshore wind development business together with an approx. 500MW onshore wind pipeline in France to Envision Energy (“Envision”), a leading global smart energy solutions provider.

Velocita Energy Developments is an onshore wind energy company formed in 2011 by Riverstone Holding LLC (“Riverstone”), an energy and power focused private investment firm with approximately US$34 billion of committed capital.

Envision is the second largest wind turbine manufacturer in China and amongst the ten largest turbine companies in the world. The company is also one of the world’s largest smart energy management companies with over 50GW of assets worldwide.

Robin Duggan, Managing Director of Riverstone, commented “We are very pleased with this transaction which fully recognises the value that the Velocita team has created over the last five years through its ability to develop an attractive long-term portfolio, construct efficiently and maximise the performance of operational assets. Augusta’s international reach and wind asset experience proved pivotal in identifying the right investor and securing a successful closing”.

Mortimer Menzel, who led the transaction at Augusta said: “This is the second in an anticipated series of transactions for Riverstone that we have closed. It is a complex and innovative transaction as it represents a first major expansion into European wind development for Envision, a leading smart energy business with an established presence in China, North and South America. It shows that good development platforms can attract global and not just local capital”.

Augusta & Co acted as exclusive financial adviser to Riverstone in the transaction.