Skyline Renewables, an independent clean energy platform and Starwood Energy Group Global , a leading private investment firm focused on energy infrastructure, announced that they have reached an agreement for Skyline to purchase Starwood Energy’s 51% interest in the Horse Creek and Electra wind farms.
Horse Creek and Electra, located in Haskell and Wilbarger counties, Texas, are each 230MW wind projects constructed by Starwood Energy that began operations in late 2016. Each project consists of 100 GE 2.3 MW turbines and both include long-term hedges. Skyline will manage the portfolio after the transaction closes, anticipated later this year.
The transaction follows Starwood’s sale of a 49% interest in the wind farms to MEAG, Munich Re’s asset manager, in 2017. Terms of the transaction were not disclosed.
“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,” said Himanshu Saxena, Chief Executive Office of Starwood Energy. “We’re delighted that Skyline’s reputation for skilled and experienced management will continue to provide these communities with valuable revenue.”
With this latest acquisition, Skyline Renewables will grow its wind portfolio to 686 MW of controlled capacity since forming the company earlier this year as a partnership between Ardian and Transatlantic Power Holdings. Skyline Renewables announced its first acquisition of Whirlwind Energy, a 60 MW project in NW Texas, and an additional acquisition of Hackberry Wind Farm, a 166 MW, also in NW Texas, in September 2018.
“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,” said Skyline Renewables President & CEO, Martin Mugica. “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.”