EverPower Wind Holdings, a Strip District-based wind power company, has reached a deal to sell off its operating assets to a fund managed by BlackRock (NYSE: BLK).
Financial terms of the deal for EverPower's operating assets weren't disclosed; EverPower, as is EverPower's majority shareholder, Terra Firma Capital Partners, a London-based private equity firm. The deal is subject to approvals and is likely to close in the first quarter.
Terra Firma has owned EverPower since 2009 and announced in March that it intended to sell EverPower. The development assets, which represent about 200 megawatts of electricity if all built, are being sold separately, said EverPower spokesman Kevin Sheen.
EverPower, which was founded by Jim Spencer, has seven wind power projects in four states, including four in Pennsylvania. There are three projects in Cambria County and another in Somerset County.