Skyline Renewables has purchased a 117 megawatt (MW) wind portfolio from NJR Clean Energy Ventures (CEV), the clean energy subsidiary of New Jersey Resources (NYSE: NJR).
The US wind farms are located in Iowa, Kansas, Pennsylvania and Wyoming providing clean renewable energy to major population centers across the country.
“We set out to become a leading North American clean independent energy platform,” said Skyline Renewables President & CEO, Martin Mugica. “This latest acquisition marks an important step forward as it diversifies our portfolio geographically and it marks the first tax equity financing fully negotiated by Skyline Renewables. We are excited to extend our partnership with Capital One as tax equity partnerwith this portfolio and look forward to further opportunities as we execute our strategy.”
“We set out to become a leading North American clean independent energy platform This latest acquisition marks an important step forward as it diversifies our portfolio geographically" — Martin Mugica, President & CEO of Skyline Renewables
“We are delighted to partner with Skyline Renewables to help them complete this acquisition,” said George Revock, Managing Director and Head of Alternative Energy and Project Finance at Capital One. “This investment is emblematic of Capital One’s commitment to be a leading supplier of financing to the renewable energy sector.”
With this latest acquisition, Skyline Renewables will grow its wind portfolio to 803 MW of controlled capacity since forming the company earlier last year as a partnership between Ardian and Transatlantic Power Holdings. Skyline Renewables announced its first acquisition of Whirlwind Energy, a 60 MW project in NW Texas, in March 2018. In September 2018 they acquired Hackberry Wind Farm, a 166 MW farm also in NW Texas, and in October 2018 announced the acquisition of Starwood Energy’s 51% interest in the Horse Creek and Electra wind farms, both 230 MW projects.
“We are ambitious, nimble and we have deep industry expertise,” continued Mr. Mugica. “There are many promising opportunities ahead as we expand Skyline’s reach to different parts of the country with strong clean energy assets that will allow us to actively manage our assets and optimize returns.”
CCA Capital served as advisors to Skyline Renewables to support the tax equity financing.