Ares Management Corp (NYSE:ARES) reported the acquisition of three Texas wind farms from BP Wind Energy North America, Inc.
The acquisition includes two wind facilities located in the ERCOT West region – Sherbino Mesa 2 (145 MW) and Trinity Hills (225 MW) – and one wind facility located in the ERCOT North region – Silver Star (60 MW).
The assets have been in operation since as early as 2008 and will be repowered by removing existing wind turbine generators and replacing them with new best-in-class technology from a different original equipment manufacturer – Vestas-American Wind Technology, Inc.
The repowering will maximize the efficiency and performance of the wind facilities, as well as extend their lifespan. The repowered assets are projected 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 company official Keith Derman.
"We are witnessing a historic transformation of the nation’s energy sector, and expect this investment to benefit from an innovative re-powering with efficient new technology and a highly-proven, strong wind resource."
Ares Management Corporation is a publicly traded, leading global alternative asset manager with approximately $125 billion of assets under management and 18 offices in the United States, Europe, Asia and Australia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles
Ares shares stumbled 42 cents, or 2.5%, to $16.66
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