Chicago-based clean energy company Invenergy has sold majority stake in California Ridge Wind Project to SunEdison subsidiary TerraForm Power.
Invenergy, however, will continue to operate the farm and explore possibilities of expanding the installation spread across Champaign and Vermilion counties.
The company proposes to reinvest proceeds from the sale into other Invenergy developments, including projects in Illinois, such as the California Ridge Wind Energy II Project in Vermilion County.
According to a statement, Maryland-based TerraForm is buying 90 percent stake in the 217-megawatt California Ridge Wind Project and other projects in Canada and the US for $2 billion. The projects are covered by long-term energy-supply contracts.
Alissa Krinsky, a spokesperson for Invenergy has told The News Gazette that the sale would be closed by the end of this quarter.
Invenergy developed, built and owned California Ridge Wind Project, which comprises more than 130 wind turbines and went into operation in late 2012.
Last month Invenergy signed an agreement with the City of Grand Island to purchase about 36 megawatts of power from the Prairie Breeze III Wind Energy Center of the company.
The project is to be built in Antelope County, Nebraska, this year.
Prairie Breeze III will comprise 20 General Electric wind turbines and construction is scheduled to begin by September and will be completed next year.
Ajith Kumar S