ArcLight has announced SkyVest Renewables as a new investment vehicle
It will focus on managing operational wind and solar energy assets in North America
SkyVest is starting its operations with $500 million initial capital commitment from ArcLight
US infrastructure investment firm ArcLight Infrastructure Partners has launched a new investment vehicle called SkyVest Renewables to manage and operate operational utility scale renewable wind and solar assets in North America.
SkyVest will use the initial $500 million capital commitment from ArcLight, to operate and optimize the acquired assets, for both new investments and brownfield development. It has started out with the acquisition of a 160 MW operating wind farm in Texas.
It will generate near-term cash flow by implementing operational, technical, commercial, financial and redevelopment best practices for the assets it manages. This, it believes, will protect the company from downside risks.
The new entity is headed by an experienced leadership team led by President Michael Murphy. He was previously the SVP and CIO of Clearway Energy. The former SVP of Finance at JERA Americas Michael Current is SkyVest new CFO.
“ArcLight has a deep history of investing in renewables dating back to our first fund, focused on bringing operating excellence, innovation, power expertise, and brownfield development skills to drive value and mitigate risk,” said ArcLight Managing Partner, Dan Revers. “SkyVest augments our existing in-house capabilities to implement these value-added levers. We see a growing opportunity to capitalize on this strategy with a continued disciplined and highly selective investment approach.”
A year back, in July 2023, ArcLight acquired the distributed generation portfolio of Duke Energy (see North America PV News Snippets).