Century City-based global asset manager Ares Management Corp. said a fund managed by its Infrastructure and Power Strategy business has closed on the purchase of three wind farms in Texas from BP Wind Energy North America Inc.
Financial details were not disclosed.
The acquisition includes two wind farms in the western region of ERCOT, or the Electric Reliability County of Texas, that manages the flow of electricity on the Texas electrical grid, and one wind farm in the northern ERCOT region.
The Sherbino Mesa 2, which produces 145-megawatts (MW) of power and Trinity Hills, which produces 225 MW, are located in western Texas. The third farm, called Silver Star, produces 60 MW and is located in northern Texas.
A megawatt is a unit for measuring power that is equivalent to one million watts. One megawatt is equivalent to the energy produced by 10 automobile engines, according to an electricity trade group.
The Texas assets have been in operation since early 2008 and will be repowered by removing existing wind turbine generators and replacing them with new ones manufactured by Portland, Ore.-based Vestas-American Wind Technology Inc. The repowered assets are expected to achieve commercial operations in 2020.
“This transaction adds three flagship assets to the Ares portfolio and reinforces Ares’ leading position as a value-added infrastructure investor in the renewable sector,” said Keith Derman, partner and co-head of the Ares Infrastructure and Power strategy
Finance reporter Pat Maio can be reached at firstname.lastname@example.org or (323) 556-8329.
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