- SkyVest Renewables created with a highly experienced team
and advisory board to operate and optimize renewables
assets
- Initial $500 million capital
commitment for new investments and brownfield development
- Acquisition of 160 MW operating wind farm indicative of
strategy and value-add focus
BOSTON, July 29,
2024 /PRNewswire/ -- ArcLight Infrastructure
Partners (together with its affiliates,
"ArcLight")
today announced the launch of operating focused renewables
investment initiative SkyVest Renewables ("SkyVest") and concurrent
acquisition of a 160 MW operating wind farm.
SkyVest, formed by ArcLight to operate and optimize acquired
assets, builds on ArcLight's deep history in renewables since 2001
and brings together an experienced and tenured team to provide
transformational management and operational best practices for
ArcLight's investments in wind and solar infrastructure.
ArcLight is providing an initial $500
million capital commitment to the initiative, and as part of
this, concurrently closing on the acquisition of a 160 MW operating
wind farm located in the Midland Basin in Texas that reached commercial operations in
2020. SkyVest will leverage its internal expertise and ArcLight's
resources to drive a value-enhancing operational and
commercialization strategy.
ArcLight and SkyVest will target operating utility-scale wind
and solar assets in North America.
Through the implementation of operational, technical, commercial,
financial and redevelopment best practices, assets managed by
SkyVest will have the potential to generate significant near-term
cash flow while protecting against downside risk. SkyVest will also
augment ArcLight's existing dedicated in-house operations resources
in asset management, data analytics, and project risk
management.
"ArcLight has a deep history of investing in renewables dating
back to our first fund, focused on bringing operating excellence,
innovation, power expertise, and brownfield development skills to
drive value and mitigate risk," said Dan Revers, Managing Partner
of ArcLight. "SkyVest augments our existing in-house capabilities
to implement these value-added levers. We see a growing opportunity
to capitalize on this strategy with a continued disciplined and
highly selective investment approach."
SkyVest is led by a group of experienced and tenured executives
including President Michael Murphy,
previously the SVP and CIO of Clearway Energy, and CFO Michael Current, previously the SVP of Finance
of JERA Americas. The executive team is complemented by an
accomplished team of senior advisors and board members including
Mark Albenze, former CEO Global
Service at Siemens-Gamesa; Tom
Kiernan, former CEO of American Clean Power/AWEA; and
Scott Hall, former CEO of Great
River Hydro.
"I am excited to partner with ArcLight, which I view as one of
the leading domestic renewable infrastructure investors," said Mr.
Murphy. "ArcLight has a multi-decade history of making renewable
infrastructure investments, driven by a value-added approach and
operational resources that I believe are imperative to driving
value and mitigating risk in the renewables market today."
"As the renewables sector continues to grow and mature, the
operational and commercial requirements are changing, which in turn
creates the opportunity to apply a value-add skill set compared to
the 'growth-at-all-cost' orientation of the past," said
Carter Ward, Partner at ArcLight.
"Similar to ArcLight's prior operating renewable investments –
including Leeward, TerraGen and Great River Hydro – we believe
SkyVest has the resources required in today's market to become one
of the leading operators of wind and solar assets in the U.S."
About ArcLight
Founded in 2001, ArcLight is a leading
value added, infrastructure investment firm with strategic
partnerships and investments across the power, renewables,
strategic gas, battery storage, and transformative infrastructure
sectors. ArcLight has a long track record of investing across the
electrification infrastructure asset value chain to help support
reliability, security and sustainable infrastructure. ArcLight's
team employs an operationally intensive investment approach that
benefits from its dedicated in house strategic, technical,
operational, and commercial specialists, as well as the firm's
~1,900-person asset management partner. Since 2001, ArcLight's
funds have invested in infrastructure and related businesses with
nearly $70 billion of total
capitalization. For more information, please visit
www.arclight.com.
About SkyVest
SkyVest is a strategic management team
formed and owned by ArcLight to manage and operate utility-scale
renewable wind and solar infrastructure. SkyVest will focus on
operating wind and solar assets that, through operational,
technical, commercial and brownfield development best practices and
innovation, have the potential to generate near-term cash flow and
mitigate risk. SkyVest also leverages ArcLight's dedicated
portfolio operations resources in asset management, data market
analytics, and project risk management to help meet the growing
need for renewable infrastructure, access to affordable power,
reliability, and sustainability. For more information,
visit
www.skyvest.com.
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SOURCE ArcLight Capital Partners