Skyline Renewables has agreed to acquire 166MW Hackberry wind farm in Texas from Renewable Energy Systems Americas (RES).
This is the second acquisition of Skyline Renewables, the first being the 60 MW Whirlwind project, which was acquired in March this year. Located in Texas, the Whirlwind was also acquired from RES.
The Hackberry Wind Farm, located in Shackelford County, Texas was established in 2008. The wind farm is powered by 72 turbines and is supported by a power purchase agreement with the City of Austin.
The acquisition will see 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 services for the wind farm during the transition of the ownership.
Skylines Renewables president and CEO Martin Mugica said: “We have a clear goal – to become a leading North American clean independent energy platform. 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 was formed earlier this year as a partnership between Ardian and Transatlantic Power. The company focuses on acquiring operational wind farms and will also focus on the development in onshore wind sector.
Skyline’s first acquisition, Whirlwind comprises of 26 turbines and the deal included a buyout of tax equity interests from JP Morgan and cash equity interests from RES.
Mugica continued saying: “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. Skyline Renewables looks forward to capitalizing on more exciting opportunities in the near term.”