US-based independent clean energy platform provider Skyline Renewables has reached an agreement with private investment firm Starwood Energy to acquire the latter’s 51% stake in the Texas wind farms – Horse Creek and Electra.
Financial details of the acquisition have not been divulged by both companies.
Starwood Energy CEO Himanshu Saxena said: “This transaction is the culmination of many years of work by the Starwood team to develop these high-quality energy infrastructure assets, and create value for our limited partners.
“We’re delighted that Skyline’s reputation for skilled and experienced management will continue to provide these communities with valuable revenue.”
Constructed by Starwood Energy, the Horse Creek and Electra wind farms, with 230MW capacity each, are spread across Haskell and Wilbarger counties in Texas, and began operations in late 2016.
Each wind farm is equipped with 100 GE 2.3MW turbines and both include long-term hedges.
Skyline will manage the portfolio upon completion of the deal, which is expected later this year.
Skyline Renewables president and CEO Martin Mugica said: “This is a very important step in our goal to become a leading independent clean energy platform with great assets that are well positioned to take advantage of changing dynamics in the renewable energy industry.
“We pride ourselves in our nimbleness and experienced value driven acquisitions and Starwood did an excellent job developing these wind farms. We look forward to maximizing revenues with our management expertise.”
Last year, Starwood sold a 49% stake in the wind farms to MEAG, Munich Re’s asset manager.
By acquiring a 51% stake, Skyline Renewables will further enhance its Texas wind farms portfolio to 686MW of controlled capacity since it launched earlier this year.
Founded in March by French private investment company Ardian and Transatlantic Power Holdings, Skyline Renewables first acquired the Whirlwind wind project in Texas, which consists of 26 wind turbines with a combined capacity of 60MW.