ArcLight Infrastructure Partners (ArcLight) has announced the launch of the operating-focused renewables investment initiative SkyVest Renewables (SkyVest) and the concurrent acquisition of a 160 MW operating wind farm.
ArcLight is providing an initial US$ 500 million capital commitment to the initiative. As part of this, it is 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.
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 near-term cash flow while protecting against downside risk.
SkyVest is led by a group of experienced executives, including President Michael Murphy, previously the Senior Vice President and Chief Investment Officer of Clearway Energy, and Chief Financial Officer Michael Current, previously the Senior Vice President of Finance of JERA Americas. The executive team is complemented by an accomplished team of senior advisors and board members, including Mark Albenze, former Chief Executive Officer Global Service at Siemens-Gamesa; Tom Kiernan, former Chief Executive Officer of American Clean Power/American Wind Energy Association (AWEA); and Scott Hall, former Chief Executive Officer of Great River Hydro.
