Skyline Renewables buys 117MW wind portfolio from NJR CEV

12 February 2019 (Last Updated February 12th, 2019 12:16)

US-based Skyline Renewables has acquired a 117MW wind portfolio from NJR Clean Energy Ventures (CEV), a subsidiary of New Jersey Resources. 

Skyline Renewables buys 117MW wind portfolio from NJR CEV
The 51MW Alexander windfarm in Kansas is one of the four projects acquired by Skyline Renewables from the NJR CEV portfolio. Credit: PRNewsfoto/Skyline Renewables.

US-based Skyline Renewables has acquired a 117MW wind portfolio from NJR Clean Energy Ventures (CEV), a subsidiary of New Jersey Resources.

Providing clean energy to major population centres across the country, NJR CEV’s windfarms are in Iowa, Kansas, Pennsylvania and Wyoming.

Skyline Renewables president and CEO Martin Mugica said: “We set out to become a leading North American clean independent energy platform.

“This latest acquisition marks an important step forward as it diversifies our portfolio geographically and it marks the first tax equity financing fully negotiated by Skyline Renewables.

“We are excited to extend our partnership with Capital One as a tax equity partner with this portfolio and look forward to further opportunities as we execute our strategy.”

“This latest acquisition marks an important step forward as it diversifies our portfolio geographically.”

The acquisition of NJR CEV’s windfarms is expected to further increase Skyline Renewables wind portfolio to 803MW of controlled capacity.

Mugica further added: “We are ambitious, nimble and we have deep industry expertise. There are many promising opportunities ahead as we expand Skyline’s reach to different parts of the country with strong clean energy assets that will allow us to actively manage our assets and optimise returns.”

For this deal, CCA Capital served as advisers to Skyline Renewables to support the tax equity financing. The value of the transaction has not been disclosed.

Based in Portland, Oregon, Skyline Renewables was formed earlier last year as a partnership between Ardian and Transatlantic Power Holdings.

In March last year, Skyline Renewables made its first acquisition with 60MW Whirlwind Energy in Texas. In September, it acquired 166MW Hackberry Wind Farm in Texas.

Last October, Skyline Renewables acquired Starwood Energy’s 51% stake in the Horse Creek and Electra windfarms, which are both 230MW projects.