Element Power acquires wind development assets from EcoEnergy

(18/02/2010)

Element Power has recently acquired a 1.4 GW portfolio of wind development assets from EcoEnergy, for an undisclosed price.

"The acquisition of these projects from EcoEnergy augments both our greenfield development efforts and our previous acquisitions, and contributes to our portfolio of well positioned, high quality assets," stated Raimund Grube, Element Power's President and COO for North America. "By adopting a targeted and highly selective project acquisition strategy in key markets, we have created excellent 2010 and 2011 build opportunities in both solar and wind."

Over the last year private equity-backed Element Power has built a North American portfolio of nearly 4 GW of wind and solar assets, covering more than 25 states in the U.S. In addition, Element Power has an industry-leading portfolio of operating and development-stage wind and solar assets located across Europe and South America.

EcoEnergy’s President, Shawn Gaffney, noted “Element Power clearly has a uniquely qualified and highly experienced world-class team. They are committed to the business and have demonstrated repeatedly the ability to take projects from development and into profitable operation.”

"2009 was a stellar year for Element Power's North American business", said Ty Daul, Element Power's North American CEO. "Not only did we build an unparalleled set of clean energy development opportunities for 2010 and beyond, but we also assembled an industry leading management team with a history of seeing through quality renewable energy projects from conception to completion.”

Related categories:  Wind power