Corporate News Blog – EDF Renewable Energy Partners with Alliant Energy by Divesting 50% Stake in Great Western Wind Project

LONDON, UK / ACCESSWIRE / June 19, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Alliant Energy Corp. (NYSE: LNT). San Diego, California-based EDF Renewable Energy (“EDF RE”) announced on June 16, 2017, that it had signed a Purchase and Sale Agreement with Madison, Wisconsin-based Alliant Energy. As per the agreement, Alliant Energy will acquire 50% ownership stake in EDF RE’s Oklahoma-based 225 megawatt (MW) Great Western Wind Project. The terms of the agreement and other financial details were not disclosed by any of the companies. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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Partners to the asset sale agreement

Green energy company, EDF Renewable Energy is a subsidiary of leading US independent power producer EDF Energies Nouvelles and primarily focuses on Project Development, Operations and Maintenance, and Asset Management. EDF RE is one of the largest renewable energy developers in North America. The Company has developed 9 gigawatts of wind, solar, storage, biomass, and biogas projects across the U.S., Canada, and Mexico.

Alliant Energy is an electric and gas utility holding Company. Its public utility subsidiaries Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL) provide regulated electric and natural gas service to approximately 960,000 electric and approximately 410,000 natural gas customers in the Midwest. It also has a number of non-regulated businesses Cedar Rapids and Iowa City Railway Company (CRANDIC), and two non-regulated generating units. Alliant Energy owns 568 MW of installed wind power generation capacity and has plans to construct and own to an additional 900 MW of wind power generation capacity by 2021. Alliant Energy Finance is the parent Company of Alliant Energy’s non-regulated businesses. The current acquisition is done under this unit of Alliant Energy.

Commenting on the asset stake sale, Raphael DeClercq, Vice President of Portfolio Strategy for EDF RE said:

“The sale of equity stakes represents an integral part of EDF Renewable Energy’s business model, allowing us to maintain a balanced ownership portfolio in order to assist in the funding of new project development. We are pleased to forge a new business relationship with Alliant Energy on this first transaction. We are confident that our expertise as a developer and operator complements Alliant Energy’s renewable energy strategy.”

Joel Schmidt, Vice President of Business Development, Alliant Energy added:

“EDF RE is a renewable energy leader and we are proud to establish a partnership with them. Our 50% cash equity ownership interest in this Project aligns with Alliant Energy’s strategy to invest in renewable energy.”

The asset sale agreement

The completion date of the transaction has also not been revealed; however, it would be subject to getting approvals from relevant regulatory authorities and other closing conditions.

Once the deal is completed, EDF RE will continue to be a 50% owner in the project. EDF RE’s Operations and Maintenance group (O&M), EDF Renewable Services, is currently managing part of the operations and maintenance as well as 24/7 remote monitoring from its Operations Control Center (OCC). This arrangement will also continue in the future.

For Alliant Energy, the Great Western Wind Project is a non-regulated investment and will be a part of its wholly owned subsidiary Alliant Energy Finance, LLC.

About the Great Western Wind Project

The Great Western Wind Project is a 225 MW wind energy project which is located in Woodward and Ellis counties near the Oklahoma panhandle. The Project is comprised of 30 V117 (unit capacity of 3.3 MW) and 63 V100 (unit capacity of 2.0 MW) wind turbines supplied by Vestas. The facility generates enough electricity to power 70,000 average Oklahoma homes, according to US Energy Information Administration. The Project was started in Q1 2016 and began commercial operation on December 21, 2016. The energy generated by this project is used to power Google’s data center as a part of a long-term Power Purchase Agreement (PPA).

Last Close Stock Review

On Friday, June 16, 2017, the stock closed the trading session at $42.18, climbing 1.22% from its previous closing price of $41.67. A total volume of 1.97 million shares have exchanged hands, which was higher than the 3-month average volume of 1.41 million shares. Alliant Energy’s stock price surged 6.62% in the last three months, 15.18% in the past six months, and 8.66% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 11.32%. The stock is trading at a PE ratio of 25.55 and has a dividend yield of 2.99%. At Friday’s closing price, the stock’s net capitalization stands at $9.60 billion.

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