Bureau and Lee County, IL – February 7, 2025 – Potentia Renewables Inc. (Potentia), the integrated developer and operator of Power Sustainable Energy Infrastructure Inc. (PSEI), is pleased to announce the acquisition of Big Sky Wind, a 240 MW wind facility located across Bureau and Lee Counties in Illinois, from a subsidiary of Vitol, a leading energy and commodities company. Originally commissioned in 2012, Big Sky Wind underwent a significant repowering in late 2022, led by Vitol, resulting in enhanced efficiency and increased energy production.
The repowering process involved replacing the original 114 Suzlon S88-2.1 MW turbines with 104 Vestas V120-2.2 MW turbines and five Vestas V110-2.2 MW turbines. This upgrade has significantly improved Big Sky Wind’s performance and energy production.
Big Sky Wind has established long-term financial stability through multiple agreements, including Power Purchase Agreements (PPA) with AES for 140 MW of production and additional offtake arrangements with an affiliate of Vitol for the balance of the project’s energy and renewable energy credits (RECs).
The acquisition was finalized on December 30, 2024, with Sheppard Mullin serving as legal counsel for PSEI, and Vinson & Elkins serving as legal counsel for Vitol. Acquisition financing was provided by PGIM Private Capital and The Bank of Nova Scotia while Vitol provided tax equity financing. The successful completion of this transaction was made possible with the valuable contributions of Marathon Capital, Vitol’s financial advisor.
“Acquiring Big Sky Wind continues the growth of our portfolio in the United States where we can continue to focus on optimizing the performance of the assets we manage,” said Ben Greenhouse, CEO of Potentia Renewables Inc. “This acquisition reflects our commitment to help decarbonize North America’s electricity system while delivering value to our partners and the communities we serve.”
“Big Sky Wind is a good example of the strong market fundamentals supporting renewables in North America.” Added Pierre-Olivier Perras, Managing Partner at PSEI.
“We are delighted to help Potentia in its ongoing efforts to expand its renewable energy portfolio and look forward to working with them going forward in our capacity as tax equity investor and offtaker,” said R. Andrew de Pass, Head of Renewable and Sustainable Investments at Vitol.
“PGIM Private Capital is excited to provide financing for Potentia Renewables’ acquisition of Big Sky Wind. We look forward to a long-term partnership with the company,” said Ingrida Soldatova, Senior Principal of PGIM Private Capital.
With the acquisition of Big Sky Wind, Potentia continues to advance its mission of delivering sustainable and efficient renewable energy solutions.
Media Contacts
Ian Cameron, Director of Communications at Power Sustainable
cameron@powersustainable.com
About Power Sustainable
Power Sustainable is a sustainability-focused alternative asset manager which finances companies and projects that aim for both competitive returns and positive sustainability outcomes. The firm offers institutional investors exposure to alternative assets, which aim to accelerate and scale sustainable solutions across multiple industries.
Power Sustainable is a subsidiary of Power Corporation of Canada (TSX: POW) (TSX: POW.PR.E), an international management and holding company that focuses on financial services in North America, Europe, and Asia.
With CAD $4.0B in assets under management (as of September 30, 2024), Power Sustainable’s mission is to catalyze capital towards clean global solutions. Learn more on Power Sustainable’s LinkedIn and Website.
About Potentia Renewables
Potentia Renewables Inc., an affiliate of Power Sustainable, is a fully-integrated developer, manager and operator of renewable energy assets. Potentia currently owns or manages nearly 1,300 MW of wind and solar projects in operation, under construction, or under contract. With an investor committed to long-term success, combined with the industry-leading experience of our team, Potentia is a prominent renewable energy provider in Canada that is ideally positioned for continued substantial growth. For more information, visit www.potentiarenewables.com.
About PGIM Private Capital
For nearly 100 years, PGIM Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights and customized capital solutions that enable them to achieve their growth and funding goals. In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, we are known for building enduring local partnerships based on a steady and patient commitment to our partners’ long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of USD $106.6 billion for our partners (as of 12/31/24).
About Vitol
Vitol is a leader in energy and commodities. Vitol produces, manages and delivers energy and commodities to consumer and industry worldwide. In addition to its primary business, trading, Vitol is invested in infrastructure globally, with USD $10+billion invested in long-term assets. Vitol’s customers include national oil companies, multinationals, leading industrial companies and utilities. Founded in Rotterdam in 1966, today Vitol serves its customers from some 40 offices worldwide. Revenues in 2023 were USD $400bn.