The wind assets are located in Illinois, Texas, Oregon and Minnesota. Credit: Karsten Würth / Unsplash.

UK-based investment company Atlantica Sustainable Infrastructure has agreed to acquire a 49% interest in a portfolio of four wind assets in the US.

Located in Illinois, Texas, Oregon and Minnesota, the assets have a combined capacity of 596MW.

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The initial investment from Atlantica is expected to be around $196.5m, subject to certain price adjustments.

The assets have power purchase agreements (PPAs) in place with investment grade off-takers, with an average remaining contract life of five years.

They do not currently have any debt, but Atlantica said it could potentially raise non-recourse debt to reduce the investment in future.

The deal is expected to be completed in the third quarter of this year, subject to customary conditions being met and regulatory approvals being given.

Atlantica Sustainable Infrastructure CEO Santiago Seage said: “This investment, which should be highly accretive to Atlantica, increases and diversifies our presence in North America while allowing us to continue delivering on our environmental, social and governance (ESG) commitments.

“These assets present significant repowering opportunities and will offer a substantial value post-PPA.”

Last month, Atlantica signed an agreement to acquire Coso Geothermal Power Holdings, a 135MW geothermal power plant.

The company will acquire the plant from a consortium of investors, including Bardin Hill Investment Partners, Avenue Capital, Corre Partners Management and Voya Financial.

Said to be the third largest geothermal power plant in the US, Coso plays a key role in supporting California’s decarbonisation efforts.

The plant supplies renewable energy to the California Independent System Operator (ISO) and has PPAs in place with three investment-grade off-takers, with an average contract length of 19 years.