Skyline Renewables, a North American renewables company, is financing and managing the construction of a 250 MW solar project in central West Texas. The Galloway I Solar Project, acquired from 8minute Solar Energy, is scheduled for operation by end of 2021.
“The Galloway project is an excellent addition to the Skyline portfolio and the latest example of the Skyline management team’s commitment to building an independent power company,” says Mark Voccola, senior managing director and co-head of Ardian Infrastructure U.S. “We’re happy to partner with Skyline on this transaction, which supports Ardian’s commitment to investing in clean energy assets and creating a more sustainable energy market.”
Morgan Stanley Renewables Inc. is the sole tax equity investor, and Morgan Stanley Capital Group Inc. and an unnamed major energy marketer are off-takers for the project. A consortium of banks led by CIT and joined by Rabobank, Commerzbank, DNB Capital and Siemens Financial are providing construction financing. No additional financing details were disclosed.
With this latest acquisition, Ardian-backed Skyline Renewables will grow its renewable energy portfolio to more than 1,050 MW of controlled capacity since the company was formed two years ago.