Skyline Renewables has agreed to acquire its second power generation asset, the 166 MW Hackberry Wind Farm in NW Texas, from Renewable Energy Systems Americas (RES).
The Hackberry Wind Farm in Shackelford County, Texas was established in 2008. It has 72 wind turbines and a PPA with the City of Austin. The Skyline Renewables acquisition entails a clean-up of the existing capital structure of the project, including the buyout of tax equity interests from GE Energy Financial Services and cash equity interests from RES as well a restructuring of the project debt facility. RES will continue to provide operations support for Hackberry during the transition of ownership.
“We have a clear goal – to become a leading North American clean independent energy platform,” said Skylines Renewables President & CEO, Martin Mugica. “To that end, RES has developed and managed Hackberry Wind Farm into a very attractive asset. This acquisition not only establishes Skyline with a robust foothold in the leading renewable energy state of Texas, it also provides us with additional resources for strategic growth in the near future.”
Skyline Renewables announced its first acquisition in March 2018, the 60 MW Whirlwind project, also in NW Texas. Skyline Renewables was created earlier this year as a partnership between Ardian and Transatlantic Power Holdings. Skyline Renewables will focus on acquiring operating and development projects in the onshore wind sector.
“As the industry transitions to the end of the PTC and new corporate tax reforms take effect, Skyline Renewables will continue its strategy to leverage opportunities in today’s renewable energy landscape in order to build a leading platform,” continued Mr. Mugica. “Skyline Renewables looks forward to capitalizing on more exciting opportunities in the near term.”
ABOUT SKYLINE RENEWABLES
Skyline Renewables is a partnership between Transatlantic Holdings (TPH) and Ardian, a world-leading private investment house, to establish a leading North American renewables platform with a total installed capacity of 3 GW. Skyline announced its first acquisition, Whirlwind, a 60MW windfarm in Texas, in March 2018. Skyline is led by CEO, Martin Mugica, a leading executive within the US clean energy sector with expertise in wind, solar, natural gas fired generation and power trading activities. Skyline Renewables’ leadership team features a number of the individuals who helped build and lead Iberdrola Renewables to become then the second largest and fastest growing renewables energy company in the US, at that time.
ABOUT RES
RES is the world’s largest independent renewable energy company active in a range of technologies including onshore and offshore wind, solar, energy storage and transmission and distribution. At the forefront of the industry for the last 35 years, RES has delivered more than 16 GW of renewable energy projects across the globe and supports an operational asset portfolio exceeding 3.5 GW worldwide for a large client base. RES employs more than 2,000 people and is active in 10 countries. For more information, visit www.res-group.com.
ABOUT ARDIAN
Ardian is a world-leading private investment house with assets of US$72bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 530 employees working from fourteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of more than 750 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
