Skyline acquires stakes in Texan projects

UNITED STATES: Private investment firm Starwood Energy has sold its remaining 51% share in two Texan wind projects to clean energy developer Skyline Renewables.

The Horse Creek (above) and Electra wind farms are now owned by Munich RE (49%) and Skyline Renewables (51%) (pic credit: Starwood Energy)

The acquisition of the 230MW Horse Creek and Electra sites — both consisting of 100 GE 2.3MW turbines and commissioned in 2016 — means Skyline Renewables will double its portfolio.

Starwood Energy, meanwhile, has now fully divested the two wind farms, having sold 49% stakes in the projects to German insurance group Munich RE in August 2017.

Terms of the transaction were not disclosed. The two companies expect the deal to close in November or early December.

According to its website, Starwood Energy still has three wind farms in its portfolio with a combined capacity of 680MW.

Skyline Renewables was launched by former senior management at Iberdrola Renewables (now Avangrid) in March 2018.

The partnership between investment firm Ardian and fellow investor Transatlantic Power Holdings (TPH) plans to build a 3GW portfolio with an initial focus on onshore wind.

It acquired the 60MW Whirlwind project in Texas in March, by buying the site’s tax equity interests from JP Morgan and cash equity interests from developer RES Americas.

Skyline then added to its portfolio when it bought the 166MW Hackberry wind farm, also in Texas, from RES Americas in September.

With its latest acquisitions, Skyline Renewables will have a wind power portfolio with a gross capacity of 686MW and net capacity of 460.6MW.