Greece’s Terna Energy has sold the 138 MW Mountain Air wind farm in Idaho in the United States to Innergex Renewable Energy Inc. for USD 215 million.
According to the Greek energy company, the operating profit of the project amounted to USD 17.6 million in 2019.
The sale is expected to generate a profit of more than USD 30 million in the terms of International Financial Reporting Standards while Terna Energy’s total debt is reduced by the same agreed value of USD 215 million, the company said on its website.
Terna Energy has been doing business in the US since 2011. After the said transaction, the company owns three wind farms with an installed capacity of 512 MW.
In September last year it added two wind farms to its US portfolio.
Chairman of Terna Energy George Peristeris said its entry into the US secured significant capital gains as well as funds to finance a new investment program.
The company earmarked EUR 1.7 billion for clean energy, energy storage and waste management projects in Greece, he added.
At the beginning of May, Peristeris said Greece may get an enormous push with EUR 11 billion in investments in renewable energy and electricity storage projects in the post-coronavirus era.
After the sale, the company will have more than 1,800 MW in operation, under construction or ready for construction in Greece, the US and Central and Eastern Europe. The company aims to reach 2,800 MW within the next five years.