Skyline Renewables expands with 250MW project acquisition
Skyline Renewables, a Portland-based renewables company backed by Ardian, a leading private investment house, has announced it will finance and manage the construction of a 250MW solar project in Central West Texas.
Acquired from 8minute Solar Energy, the Galloway I Solar Project, is scheduled for operation by the end of 2021. With this latest acquisition, Skyline Renewables will grow its renewable energy portfolio to more than 1050MW of controlled capacity since its formation two years ago.
"We're very pleased to be adding such a robust solar project in the dynamic Texas energy market," says Martin Mugica, Skylines Renewables president & CEO. "This latest project marks another important step forward to becoming a leading North American clean independent energy platform. It helps balance our portfolio's renewable energy mix, giving us peak power flexibility and diversity within ERCOT and allows us to better assist the market when they need it the most."
Skyline Renewables first acquisition was Whirlwind Energy – a 60MW project in North-West Texas in 2018. It then acquired Hackberry Wind Farm, a 166MW farm also in NW Texas. Later that year, Skyline also announced the acquisition of Horse Creek and Electra Wind Farms, both 230MW projects all in the ERCOT market.
In 2019, the company acquired a 117MW portfolio of wind projects in Iowa, Kansas, Pennsylvania and Wyoming.
"The Galloway project is an excellent addition to the Skyline portfolio, and the latest example of the Skyline management team's commitment to building a best-in-class renewable independent power company," adds Mark Voccola, senior managing director and co-head of Ardian Infrastructure US.
"We're happy to partner with Skyline on this transaction, which is emblematic of Ardian's ongoing commitment to investing in clean energy assets and creating a more sustainable energy market."
The latest Texan solar project is part of Ardian’s ongoing commitment to support the energy transition, as outlined in its recent Augmented Infrastructure report. Focusing on the energy and transportation sectors, the Ardian Infrastructure team has $15 billion total AUM in infrastructure and 50 employees across eight offices throughout the Americas and Europe.
"The successful project financing is further proof that the markets see our strategic position and our partnership with Ardian as a strong foundation for further growth," continues Mugica.
"We'll continue to take this same approach in all parts of the country actively managing our assets to optimise returns and staying nimble yet smart and innovative with our growth opportunities."
Morgan Stanley Renewables Inc. is the sole tax equity investor and Morgan Stanley Capital Group Inc. along with 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 have been disclosed, the statement concludes.
Toyota unveils electric van and Volvo opens fuel cell lab
Toyota is launching its first zero emission battery electric vehicle, the Proace Electric medium-duty panel van, across Europe.
The model, which offers a choice of 50 or 75kWh lithium-ion batteries with range of up to 205 miles, is being rolled out in the UK, Denmark, Finland, France, Germany, Italy, Spain and Sweden.
At present, alternative fuel vehicles (AFVs, including battery electric vehicles) account for only a fraction – around 1.8 per cent – of new light commercial van sales in the UK, but a number of factors are accelerating demand for practical alternatives to vans with conventional internal combustion engines.
Low and zero emission zones are coming into force to reduce local pollution and improve air quality in urban centres, at the same time as rapid growth in ecommerce is generating more day-to-day delivery traffic.
Meanwhile the opening of Volvo's first dedicated fuel cell test lab in Volvo Group, marks a significant milestone in the manufacturer’s ambition to be fossil-free by 2040.
Fuel cells work by combining hydrogen with oxygen, with the resulting chemical reaction producing electricity. The process is completely emission-free, with water vapour being the only by-product.
Toni Hagelberg, Head of Sustainable Power at Volvo CE, says fuel cell technology is a key enabler of sustainable solutions for heavier construction machines, and this investment provides another vital tool in its work to reach targets.
"The lab will also serve Volvo Group globally, as it’s the first to offer this kind of advanced testing," he said.
The Fuel Cell Test Lab is a demonstration of the same dedication to hydrogen fuel cell technology, as the recent launch of cell centric, a joint venture by Volvo Group and Daimler Truck to accelerate the development, production and commercialization of fuel cell solutions within long-haul trucking and beyond. Both form a key part of the Group’s overall ambition to be 100% fossil free by 2040.