Ardian Acquires Full Ownership of 460 MW Horse Creek and Electra Wind Farms in Texas

MEAG, on behalf of Munich Re, has completed the sale of its minority interests in the Horse Creek and Electra onshore wind farms in Texas, US, to Ardian, an existing long-term partner in the assets. The transaction concludes MEAG’s investment in the projects, which it had managed since 2017. The two wind farms have a combined installed capacity of 460MW, with each project contributing 230MW of renewable power to the Texas electricity market. 

The Horse Creek and Electra wind farms have been operational since 2016 and generate electricity within the Electric Reliability Council of Texas (ERCOT) power market. MEAG originally acquired its interests in the projects in 2017 from Starwood Energy Group, with the two assets forming part of its US renewable-energy investment portfolio. 

Following the transaction, Ardian will consolidate full ownership of the two wind farms. Ardian was already a long-term partner and held the remaining interests, meaning the deal gives it greater control over the assets and their future management. Ardian said the consolidation provides a platform to implement its asset-management strategy and unlock the projects' potential during the next phase of their operating lives. 

For MEAG, the sale represents active portfolio management and the completion of a nine-year investment in the Texas wind assets. The company has not disclosed the financial terms of the transaction. MEAG was advised by Holland & Knight and Santander, while Ardian was advised by Gibson, Dunn & Crutcher and McGuireWoods.