Ardian & Skyline Announce 250 MW Solar Project With Consortium Of Financing
- Texas project is Skyline's first solar asset, bringing portfolio to more than a gigawatt of wind & solar
Skyline Renewables, a leading North American renewables company, backed by Ardian, a world-leading exclusive investment house, revealed today that they will certainly fund and also handle the construction of a 250 megawatt (MW) solar project in Central West Texas. The Galloway I Solar Project, acquired from 8minute Solar Energy, is scheduled for procedure by end of 2021.
" We're extremely happy to be adding such a robust solar project in the vibrant Texas power market," said Martin Mugica, Skylines Renewables President & CEO. "This latest project marks another crucial step forward to coming to be a leading North American tidy independent power platform. It helps balance our portfolio's renewable resource mix, giving us peak power flexibility as well as diversity within ERCOT and enables us to better help the market when they require it one of the most."
" The Galloway project is an excellent addition to the Skyline portfolio, and also the current instance of the Skyline management group's commitment to developing a best-in-class renewable independent power company," claimed Mark Voccola, Senior Managing Director as well as Co-Head of Ardian Infrastructure United States. "We're satisfied to companion with Skyline on this purchase, which is typical of Ardian's recurring dedication to buying clean power possessions and also developing a more sustainable energy market."
With this latest purchase, Ardian-backed Skyline Renewables will certainly grow its renewable energy profile to more than 1050 MW of controlled capacity because the business was developed 2 years ago. Skyline Renewables revealed its very first purchase of Whirlwind Energy, a 60 MW project in NW Texas, in 2018, then got Hackberry Wind Farm, a 166 MW farm also in NW Texas. Later that year, Skyline introduced the acquisition of Horse Creek and Electra Wind Farms, both 230 MW projects all in the ERCOT market. Last year, Skyline got a 117 MW portfolio of wind projects situated in Iowa, Kansas, Pennsylvania as well as Wyoming.
The most recent solar project in Texas is part of Ardian's continuous commitment to support the energy change, as laid out in its most recent Augmented Infrastructure report. With $15bn overall AUM in framework and 50 workers across 8 offices throughout the Americas and also Europe, the Ardian Infrastructure group is a globe leading Infrastructure Fund Manager focused on the energy and transportation sectors.
" The effective project financing is further proof that the markets see our tactical position as well as our partnership with Ardian as a solid foundation for more development," proceeded Mr. Mugica. "We'll continue to take this very same strategy in all parts of the nation actively managing our possessions to maximize returns and also staying nimble yet smart as well as ingenious with our development opportunities."
Morgan Stanley Renewables Inc. is the single tax obligation equity investor and also Morgan Stanley Capital Group Inc. along with an unrevealed major power online marketer are off-takers for the project. A consortium of financial institutions led by CIT as well as joined by Rabobank, Commerzbank, DNB Capital and Siemens Financial are providing construction funding. No extra financing information were disclosed.
