Skyline Renewables is to acquire Starwood Energy Group Global’s 51% stakes in the operational 230MW each Horse Creek and Electra wind farms in Texas for an undisclosed price.
Each project consists of 100 GE 2.3MW turbines, with MEAG, Munich Re’s asset manager, owning the remaining 49%.
Skyline will manage the wind farms after the transaction closes, which is expected later this year.
The acquisition will increase Skyline Renewables’ wind portfolio to 686MW.
Starwood Energy chief executive 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.”
Skyline Renewables president and chief executive 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 maximising revenues with our management expertise.”
Skyline Renewables was set up earlier this year by private investors Ardian and Transatlantic Power Holdings and plans to build a clean power portfolio in North America totalling 3GW.