Kansai Electric Power (Kansai), through its subsidiary KPIC US has acquired a minority interest while Ares has retained a minority stake in the project
Ares Management’s Infrastructure and Power strategy has completed the sale of its 525MW Aviator Wind project in US.
The sale is completed in two different transactions that include a majority stake sold to a Michigan-based utility company, CMS Energy last month.
Meanwhile, a minority interest is acquired by Kansai Electric Power (Kansai), through its subsidiary KPIC US and Ares has retained a minority stake in the project.
The financial details of the transaction have not been disclosed by the company.
The Aviator Wind project, located in Coke County, Texas, was owned, constructed and managed by Ares and developed by Apex Clean Energy.
Upon the start of commercial operations, which is expected by the end of the year, the wind farm is anticipated to become the largest single-phase and single-site wind project in the U.S.
Aviator wind farm to support Facebook’s operations in Texas
Ares Infrastructure and Power partner and co-head Keith Derman said: “Our sale to CMS and Kansai is an exciting outcome and exemplifies our value-creation approach to developing and building large-scale renewable power projects.
“Monetizing a project of this scale during the pandemic demonstrates the stability of climate infrastructure assets and delivers an attractive outcome for our investors.”
The power generated by the wind farm will be sold to Facebook and McDonald’s under power purchase agreements signed last year.
Facebook will acquire 199.76MW power from the wind farm to support its operations in Texas.
The power purchase is expected to support the company’s goal to reduce 75% of its carbon emissions and support 100% of its operations with renewable energy this year.