Exus Management Partners has been selected to lead on the repowering of Illinois’ Big Sky Wind Farm by Vitol.
The deal follows Vitol’s acquisition of the 240MW project from a BlackRock-managed fund earlier this year.
Exus will play a central role in Vitol’s plan to invest more than $250m (€205m) to upgrade the project, with the repowering expected to increase Big Sky’s annual energy output by 60% by year end 2022.
The scheme will entail the installation of highly efficient Vestas wind turbines using the existing foundations and towers.
Exus will provide asset management services for the project and handle the permitting for its repowering, enabling Vitol to optimize returns and continue enhancing its participation in the green energy transition.
As well as offsetting over 620,000 tonnes of CO2 emissions each year, Exus’ involvement will incorporate a variety of environmental and community activities, including support for regional wetland and prairie reserves, and sponsorship of local cultural events.
With approximately 40GW of US wind capacity now over 10 years old, including Big Sky Wind Farm, it is becoming increasingly cost-effective for owners of older wind farms to replace turbines with new, more advanced models.
Exus development partner Mike Speerschneider said: “Repowering is a rapidly growing trend in US wind.
“Increasing numbers of projects are approaching a decade or more in their life cycle, experiencing associated losses in efficiency.
“Larger and more efficient turbine technologies are helping projects generate electricity at a level that makes the investment worthwhile and supports the energy transition.
“Exus is proud to be working alongside Vitol at the forefront of US wind repowering.”
Vitol head of renewables R Andrew de Pass added: “Big Sky is well placed to deliver clean energy to our commercial and industrial customers, as well as the highly liquid PJM power market, and is the latest example of our ongoing commitment as one of the market leaders in the shift towards renewable energy.
“We are excited to be working with Exus to optimise the project, while aligning with our premium standards of ESG investing.”