SUSI Partners has signed an agreement to sell the 14.4 MW Milestone wind farm located in County Tipperary, Ireland, to the Irish subsidiary of Italian renewable energy company Alerion Clean Power. Upon completion of the transaction, SUSI will have successfully exited over 80% of the SUSI Renewable Energy Fund II’s (“SREF II”) assets.
The 14.4 MW Milestone wind farm consists of 4 turbines combining for an average annual power production of 40 GWh. This is enough to cover the electricity consumption of approximately 15,000 Irish households, and accounts for more than 70,000 tonnes of avoided CO2e emissions to date. SUSI had acquired the asset in early 2018 during the final phase of construction, started commercial operations later in the same year, and will now sell the asset to Italian energy company Alerion Clean Power after more than seven years of diligent asset management.
SREF II: Active Asset Management throughout the Fund Lifecycle
SUSI launched SREF II in 2014 and built a well-diversified portfolio of operating onshore wind and solar PV assets located across Europe. Projects were typically acquired at ready-to-build stage and have all built up a robust production track record since their respective start of commercial operations.
SUSI ensured strong downside protection and cash flow visibility through long-term power-purchase agreements and access to feed-in schemes that provide a minimum offtake-price guarantee across the SREF II portfolio. At the same time, SUSI secured adequate levels of exposure to merchant power prices to retain upside potential and ensure inflation protection in high-power-price environments.
SUSI maintained proactive oversight of its SREF II construction processes and emerging commercial and technical matters, working closely with local service project managers as well as operations and maintenance service providers. Additionally, SUSI pursued various value-adding initiatives across its portfolio, including the extension of the assets’ design life and the exploration of the potential for repowering and co-location with battery energy storage capacity and complementary renewable power generation.
With the successful sale of the Milestone wind farm, SUSI will have sold more than 80% of SREF II’s assets based on invested capital, thereby delivering well-performing, resilient, and sustainable assets to the new owners and securing attractive value for its clients and their beneficiaries.
