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 acquisition of the 166-MW Hackberry Wind Farm 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.
“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, but it also provides us with additional resources for strategic growth in the near future.”
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.
“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.”
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.
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