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Starwood Energy completes sale of stake in two Texas wind farms

CTBR Staff Writer Published 24 August 2017

Starwood Energy Group Global has completed the sale of its stake in two wind farms located in the US state of Texas.

The company has sold its 49% stake in the Horse Creek and Electra wind farms to Munich Re Group. The acquisition was advised by the group’s internal asset manager MEAG MUNICH ERGO Asset Management (MEAG).

Each of these wind farms generate 230MW of clean energy and are located in Haskell and Wilbarger Counties, Texas. The two wind farms, each contain 100 of GE’s 116-2.3MW turbines.

The wind farms were constructed by Starwood Energy and their commercial operations in late 2016.

The two projects are claimed to have benefited from 13 year offtake agreements with Bank of America Merrill Lynch and a long-term fixed-price service agreements from GE.

Starwood Energy Group senior managing director and co-head Himanshu Saxena said: "We are excited to be partnering with an organization with MEAG's reputation and capabilities.  We look forward to the continued success of the Horse Creek and Electra projects, as well as the growth of our relationship with the MEAG team."

MEAG managing director Holger Kerzel said: "The investment makes an attractive and sustainable contribution to the continued geographical diversification and expansion of our US infrastructure portfolio.

“Around 200,000 US households are provided with renewable electricity from these wind farms. We are now looking forward to working with our new partner Starwood."

Starwood Energy Group is an energy infrastructure company based in the Greenwich city of Connecticut. The company focuses on renewable power generation, natural gas, transmission and storage projects. Starwood claims to have closed transactions totalling more than $6bn in enterprise value.

Image: Starwood sells stake in two Texan wind farms to Munich RE. Photo: Courtesy of Luke Partridge/FreeImages.com.