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October 30, 2020

Skyline Renewables acquires 250MW solar project in Texas, US

Skyline Renewables has acquired the 250MW Galloway solar project in Central West Texas from 8minute Solar Energy for an undisclosed sum.

Skyline Renewables has acquired the 250MW Galloway solar project in Central West Texas from 8minute Solar Energy for an undisclosed sum.

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Backed by the French private equity investment company Ardian, Skyline Renewables will finance and manage the construction of Galloway solar project.

Construction of Galloway solar project is being financed by a consortium of banks led by CIT and will be joined by Rabobank, Commerzbank, DNB Capital and Siemens Financial.

Skylines Renewables president and CEO Martin Mugica said: “We’re very pleased to be adding such a robust solar project in the dynamic Texas energy market.

“This latest project marks another important step forward to becoming a leading North American clean independent energy platform.

“It helps balance our portfolio’s renewable energy mix, giving us peak power flexibility and diversity within ERCOT and allows us to better assist the market when they need it the most.”

The solar facility is expected to come online by the end of next year.

Once operational, the solar facility will be Skyline Renewables first solar asset, bringing its portfolio to more than 1,050MW capacity since the company was formed two years ago.

In 2018, Skyline Renewables first acquired 60MW Whirlwind Energy project in north-west Texas, and later acquired Hackberry Wind Farm, a 166MW farm also in the same region.

In the same year, the company acquired Horse Creek and Electra Wind Farms with a combined capacity of 230MW.

Last year, Skyline announced the acquisition of a 117MW portfolio of wind projects located in Iowa, Kansas, Pennsylvania and Wyoming.

Ardian Infrastructure US senior managing director and co-head Mark Voccola said: “The Galloway project is an excellent addition to the Skyline portfolio, and the latest example of the Skyline management team’s commitment to building a best-in-class renewable independent power company.

“We’re happy to partner with Skyline on this transaction, which is emblematic of Ardian’s ongoing commitment to investing in clean energy assets and creating a more sustainable energy market.”

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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