ArcLight launches wind and solar investor SkyVest

US infrastructure investment firm ArcLight Capital Partners LLC on Monday said it has created SkyVest Renewables, a renewables investment initiative focused on operating and optimising acquired assets.

ArcLight is providing an initial capital commitment of USD 500 million (EUR 462m) to SkyVest for new investments and brownfield development. As part of this, the initiative has acquired a 160-MW operating wind farm in the Midland Basin in Texas that went live in 2020. It targets operating utility-scale wind and solar assets in North America and will apply operational, technical, commercial, financial and redevelopment best practices to generate near-term cash flow and mitigate risk.

"Similar to ArcLight's prior operating renewable investments – including Leeward, TerraGen and Great River Hydro – we believe SkyVest has the resources required in today's market to become one of the leading operators of wind and solar assets in the US," said Carter Ward, partner at ArcLight.

SkyVest is led by a team including president Michael Murphy, previously the SVP and CIO of Clearway Energy, and CFO Michael Current, who formerly served as SVP of Finance at JERA Americas.

(USD 1 = EUR 0.924)

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