AES completes purchase of Valcour wind portfolio in New York

AES Corp. completed its purchase of Valcour Wind Energy from investment firm Carlyle.

The acquisition includes Valcour’s six wind farms, which represent the largest operating wind platform in New York, accounting for roughly 25 percent of the stateʻs wind power.

The Valcour portfolio includes three wind parks in Clinton County totaling 279 MW; two wind parks in Wyoming County totaling 227 MW; and one wind park in Franklin County totaling 106 MW.

“The State of New York is a leader in the transition to a smarter, greener energy future while ensuring communities gain the economic benefits of hosting renewable energy projects. With the acquisition of the Valcour wind portfolio and our more than two decades of experience in New York, we’re proud to work together with state and local communities to help meet these admirable goals,” Leo Moreno, AES Clean Energy president, said. “This wind portfolio complements our 1 GW solar pipeline in the state, allowing us to provide custom offerings such as our 24/7 product to realize a carbon-free energy grid.”

Cogentrix Energy, a Carlyle portfolio company, has managed the portfolio since Carlyle bought it in 2018. AES will now assume these responsibilities going forward.

“We are proud to have partnered with the Cogentrix and Valcour teams to help New York State continue to make progress towards its clean energy goals. As Carlyle’s first wind investment, this was a partnership where value creation and driving positive environmental change converged, and we are thrilled for AES to build upon that impact. We believe the renewable and sustainable energy sector is at an inflection point and look forward to continuing to be a key contributor to progressing the transition,” Carlyle Managing Director J.B. Oldenburg said.