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Ardian, Transatlantic Power form JV to target 3-GW renewable portfolio

Ardian and Transatlantic Power Holdings formed a joint venture to build an independent renewable power platform in North America with a total installed capacity of 3 GW.

Lorenzo Roccia will serve as chairman of the newly formed entity, Skyline Renewables, and Martin Mugica will serve as CEO. Mugica is the former president and CEO of Iberdrola Renewables LLC, according to a March 5 news release.

Skyline Renewables completed its transaction with the purchase of a 60-MW Whirlwind power facility in Floyd County, Texas, from an affiliate of RES Group.

The joint venture acquired tax equity interests in the 26-turbine wind farm from JP Morgan and cash equity stake from Renewable Energy Systems Americas Inc. for an undisclosed sum.

Ardian is a private investment house with operations in Europe, North America and Asia. Transatlantic Power is a holding company with renewable assets in the U.S.