Power Sustainable Inks Deal for Big Sky Wind, Fueling Growth Strategy

MONTREAL, April 29, 2026 – Power Sustainable Energy Infrastructure ("PSEI") has finalized the sale of a significant minority stake in its Big Sky Wind facility, a strategic move that underscores the growing investor appetite for high-quality renewable assets and provides the firm with substantial capital to fuel its expansion. The company announced it has sold a 49.9% interest in the 240-megawatt Illinois wind farm to funds managed by two leading global private markets firms, Hamilton Lane and GCM Grosvenor.

PSEI, the renewable energy platform of Power Sustainable, will retain a 50.1% majority interest in the project and continue to manage its day-to-day operations, ensuring continuity for the recently modernized facility. The deal serves as a prime example of a sophisticated capital recycling strategy, allowing PSEI to monetize a mature asset while maintaining control and steering the proceeds toward new ventures.

A Blueprint for Growth Through Capital Recycling

This transaction is a deliberate execution of PSEI's long-term strategy: developing and optimizing renewable energy assets, partnering with long-term institutional investors, and strategically recycling capital to scale its platform. By selling a non-controlling stake in a stable, cash-generating asset, the company unlocks significant liquidity without fully divesting from a successful project.

"This transaction highlights the quality of the asset and reflects our disciplined approach to active portfolio management and capital recycling, enabling us to reinvest in new opportunities and continue to scale our platform," said Pierre-Olivier Perras, Managing Partner at PSEI. The infusion of capital is expected to be deployed across PSEI's robust pipeline of investment opportunities, which spans the renewable energy value chain.

Power Sustainable's investment strategy focuses on key areas of the energy transition. The firm is a major operator in the U.S. community solar market and is actively pursuing utility-scale projects and energy storage solutions, which are considered critical for balancing the intermittency of wind and solar power. This deal provides the dry powder needed to accelerate development in these high-growth sectors. The model of selling minority stakes in de-risked operational assets to finance greenfield development and new acquisitions is becoming a hallmark of sophisticated players in the renewable energy space.

The Allure of a Proven, Repowered Asset

For the buyers, Hamilton Lane and GCM Grosvenor, the investment in Big Sky Wind represents a chance to acquire a stake in a premium, low-risk infrastructure asset. The facility is not a new, unproven project; it is an established operator with a strong performance history, located in the mature PJM Interconnection market, one of the largest wholesale electricity markets in the world.

What makes Big Sky particularly attractive is its recent modernization. The facility was fully repowered in 2022, a process that involved replacing its original 114 turbines with 109 newer, more efficient Vestas models. This upgrade significantly boosted its energy output, enhanced its operational efficiency, and extended its lifespan, effectively creating a near-new asset with a proven location.

"We are happy to be partnering with Power Sustainable, a proven investor and operator of renewable power generation across North America," commented Taylor McManus, Principal on the Infrastructure Investment Team at Hamilton Lane. "This was a unique opportunity to invest in an operating wind asset with a strong contractual framework, an attractive risk return profile and favorable transaction dynamics."

That sentiment was echoed by GCM Grosvenor. "Big Sky Wind is a high-quality, repowered asset with a strong operating profile and exposure to a constructive U.S. power market," said Kevin Pellecchia, Executive Director of Infrastructure Investments at the firm. "Our investment reflects a focus on accessing established infrastructure assets alongside experienced sponsors, where we see the potential for durable cash flows and long-term value creation." The project's stability is further cemented by long-term Power Purchase Agreements (PPAs) with creditworthy counterparties like AES and Vitol, which guarantee revenue streams for its energy and Renewable Energy Credits (RECs).

Powering Illinois' Ambitious Clean Energy Goals

Beyond the financial implications, the continued investment in Big Sky Wind carries significant weight for the state of Illinois and the broader region. Illinois has set one of the most ambitious clean energy targets in the nation, aiming for 100% clean energy by 2050, driven by its Renewable Portfolio Standard (RPS).

Large-scale wind facilities like Big Sky are the backbone of this transition. The 240 MW of capacity from this single project contributes meaningfully to the state's renewable energy supply and helps stabilize the PJM grid. The partnership structure, which keeps an experienced operator like PSEI at the helm while attracting fresh institutional capital, ensures the asset remains a reliable and efficient contributor to the regional energy mix for years to come.

This transaction serves as a vote of confidence in Illinois' regulatory environment and its commitment to renewable energy. By fostering a market that attracts major private capital firms like Hamilton Lane and GCM Grosvenor, the state demonstrates that its policy goals are creating bankable, attractive investment opportunities that accelerate the shift away from fossil fuels.

Navigating a Dynamic U.S. Renewables Market

The Big Sky Wind deal occurs within a complex and rapidly evolving U.S. energy landscape. On one hand, the market is buoyed by powerful tailwinds, most notably the Inflation Reduction Act (IRA), whose tax credits and incentives have supercharged investment and M&A activity in the renewable sector. The insatiable energy demand from new data centers is also creating unprecedented demand for new, clean power generation.

On the other hand, the industry faces significant headwinds. Persistent supply chain disruptions, inflation, and high interest rates have increased project costs and squeezed developer margins. Furthermore, political uncertainty casts a shadow over long-term policy stability. Recent legislative proposals and administrative actions have threatened to slow the pace of renewable deployment, creating a more challenging environment for developers.

In this context, the successful closing of the Big Sky transaction is particularly noteworthy. It demonstrates that despite market volatility, high-quality, well-structured assets with strong operational track records and experienced sponsors remain highly sought after. The deal's structure, combining a proven operator with blue-chip financial partners, provides a resilient model for financing the energy transition, proving that strategic partnerships can successfully navigate market turbulence and continue to channel capital into the critical infrastructure needed for a sustainable future.