October 30, 2020
Skyline Renewables, backed by private investment house Ardian, will finance and manage the construction of a 250-megawatt solar project in Central West Texas. The Galloway I Solar Project, acquired from 8minute Solar Energy, is scheduled for operation by the end of 2021.
“This latest project marks another important step forward to becoming a leading North American clean independent energy platform,” said Martin Mugica, Skylines Renewables president & CEO. The acquisition grows Skyline’s renewable energy portfolio to more than 1050 MW of controlled capacity since the Portland, OR-based company was formed two years ago.
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 were disclosed.
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