Ardian, a private investment house, announced a partnership with Transatlantic Power Holdings (TPH) to build a renewable platform based in the United States, Skyline Renewables. Skyline Renewables’ first acquisition is Whirlwind, a wind project in Texas from Renewable Energy Systems Americas Development, Inc (RES).
Skyline Renewables completed its first acquisition, Whirlwind Energy, a wind farm comprised of 26 turbines with a total capacity of 60 MW in Floyd County in the North-West of Texas. The acquisition included the buyout of tax equity interests from JP Morgan and cash equity interests from RES.
“TPH has an exceptionally strong team and a clear strategy for success. We are excited to leverage its deep industry expertise and considerable relationships for sourcing and pursuing new investment opportunities in the North American renewables sector,” said Stefano Mion, Managing Director and co-head of Ardian Infrastructure U.S.
Skyline Renewables will focus on acquiring operating and development projects in the onshore wind sector. Skyline Renewables plans to build one of the leading North American clean independent power platforms with a total installed capacity of 3 GW.
“While our vision for Skyline Renewables is broad, Whirlwind is the ideal first investment, one in which we can actively manage the asset and optimize returns,” added Mion.
While our vision for Skyline Renewables is broad, Whirlwind is the ideal first investment — Stefano Mion
TPH was founded in 2016 by Martin Mugica and Lorenzo Roccia with a group of private investors. Mr. Mugica is an industry veteran with more than 20 years of experience most recently as the former President and CEO of Iberdrola Renewables.
During his tenure at Iberdrola, Mr. Mugica and his management team built Iberdrola into the second largest renewable player in North America via systematic acquisitions and organic growth. Mr. Roccia will serve as Skyline’s Chairman and Mr. Mugica will serve as Skyline’s CEO. The company’s senior management team includes additional veterans from the Iberdrola Renewables team, Vikram Bakshi, Victor Austin and Manuel Ramos.
“Our partnership with Ardian, a company known for its sophisticated understanding of the infrastructure market, has provided both the resources and support to deliver on our strategy for building a leading North American power producer,” said Martin Mugica, President, and CEO of TPH. “There are great opportunities ahead and we are looking forward to taking advantage of them with Ardian’s full support.”