power deal
Spring-based private equity firm acquires West Texas wind farm
Spring-based private equity firm Arroyo Investors has teamed up with ONCEnergy, a Portland, Oregon-based developer of clean energy projects, to buy a 60-megawatt wind farm southeast of Amarillo.
Skyline Renewables, which acquired the site, known as the Whirlwind Energy Center, in 2018, was the seller. The purchase price wasn’t disclosed.
Whirlwind Energy Center, located in Floyd County, West Texas, comprises 26 utility-scale wind turbines. The wind farm, built in 2007, supplies power to Austin Energy.
“The acquisition reflects our focus on value-driven investments with strong counterparties, a solid operating track record, and clear relevance to markets with growing capacity needs,” Brandon Wax, a partner at Arroyo, said in a press release. “Partnering with ONCEnergy allows us to leverage deep operational expertise while expanding our investment footprint in the market.”
Arroyo focuses on energy infrastructure investments in the Americas. Its portfolio includes Spring-based Seaside LNG, which produces liquefied natural gas and LNG transportation services.
Last year, Arroyo closed an investment fund with more than $1 billion in total equity commitments.
Since its launch in 2003, Arroyo has “remained committed to investing in high-quality assets, creating value and positioning assets for exit within our expected hold period,” founding partner Chuck Jordan said in 2022.