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Ares to repower trio of newly acquired Texas wind farms

By Michelle Froese | December 27, 2018

Ares Management Corporation announced that a fund managed by its Infrastructure and Power strategy has closed on the acquisition of three operating utility-scale wind facilities in Texas from BP Wind Energy North America, Inc. Ares plans to repower the wind sites.

Texas FLAG

The repowered Texas wind projects are expected to achieve commercial operations in 2020.

The acquisition includes two wind facilities located in the ERCOT West region: the 145-MW Sherbino Mesa 2 and 225-MW Trinity Hills. It also includes one wind facility located in the ERCOT North region: the 60-MW Silver Star.

The assets have been in operation since as early as 2008 and will be repowered by removing existing wind-turbine generators and replacing them with new best-in-class technology from a different original equipment manufacturer, Vestas-American Wind Technology, Inc.

“This transaction adds three flagship assets to the Ares portfolio and reinforces Ares’ leading position as a value-added infrastructure investor in the renewable sector,” said Keith Derman, Partner and Co-Head of the Ares Infrastructure and Power strategy. “We are witnessing a historic transformation of the nation’s energy sector, and expect this investment to benefit from an innovative repowering with efficient new technology and a highly-proven, strong wind resource.”

The repowering is expected to maximize the efficiency and performance of the wind facilities, as well as extend their lifespan.

“As the renewables sector matures, we are seeing an increase in investment opportunities where we can apply our structuring, construction and operational expertise to add value. We are excited to add these assets to the Ares portfolio,” said Steve Porto, Principal in the Ares Infrastructure and Power strategy, who led the transaction.


Filed Under: News, Projects, Repowering
Tagged With: aresmanagement
 

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Michelle Froese

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