trending Market Intelligence /marketintelligence/en/news-insights/trending/ka86eh8kzu5xcjlmjsiaqq2 content esgSubNav
In This List

Former Iberdrola executives' new venture targets 3,000-MW wind portfolio

Podcast

Next in Tech | Episode 49: Carbon reduction in cloud

Blog

Using ESG Analysis to Support a Sustainable Future

Research

US utility commissioners: Who they are and how they impact regulation

Blog

Q&A: Datacenters: Energy Hogs or Sustainability Helpers?


Former Iberdrola executives' new venture targets 3,000-MW wind portfolio

A new joint venture created by former Iberdrola SA executives and French investment firm Ardian has made its first acquisition under a plan to acquire 3,000 MW of renewable energy projects in the United States.

Ardian's infrastructure segment and Transatlantic Power Holdings have created Skyline Renewables, which will focus on acquiring operating and in-development onshore wind projects, Ardian announced March 5. Skyline Renewables also recently acquired Whirlwind Energy, a 60-MW wind farm in Floyd County in Texas, from RES Americas Inc., its first acquisition.

Transatlantic Power Holdings' co-founders Martin Mugica and Lorenzo Roccia will serve as Skyline Renewables' CEO and chairman, respectively. Before founding Transatlantic Power Holdings in 2016, Mugica held multiple roles at Iberdrola from 2002, including president and CEO of the Spanish company's renewables segment from 2012 to 2015.

Skyline Renewables will consider signing power purchase agreements with local utilities or corporate customers for some of its acquired projects, Stefano Mion, managing director and co-head of Ardian Infrastructure U.S. group, said in an email. Corporations' renewable energy purchases have been growing; companies have announced about 9,700 MW of clean energy agreements in the last five years in the U.S. and Mexico, including nearly 3,000 MW in 2017 through Dec. 4.

"Our long-term goal is to build a leading clean energy platform for the U.S.," Mion said. "That may mean PPAs with local utilities or [corporations], but we realize that each asset is different and needs a tailored strategy and that's the approach we'll take."

Skyline Renewables also wants to reach to its 3,000 MW acquisition goal by 2023, he added. The company is narrowing its geography preference to Texas, California, Maryland and the Midwest region.

A spokesperson for Transatlantic Power Holdings and Ardian said the firms are not disclosing a percentage breakdown of the venture.

Mugica will also bring on several Transatlantic Power Holdings executives who have worked in Iberdrola's renewables segment, including Vikram Bakshi, Victor Austin and Manuel Ramos. Mugica said in an email that he wants to utilize his management team's experience in the power and financial industries, which includes stints at BlackRock Capital Investment Corp. and Sempra Energy.