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.
"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.
