MEAG, acting on behalf of Munich Re, has closed the sale of its minority stake in the wind farms "Horse Creek" and "Electra", located in Texas, to the investment manager Ardian, according to both companies, which have not disclosed the amount of the transaction.
In detail, "Horse Creek" and "Electra" are two onshore wind farms already in operation, located in the State of Texas, that together have a combined installed capacity of 460 megawatts (MW).
These assets provide renewable energy generation to the electric market of Ercot (Electric Reliability Council of Texas) and have been operational since 2016.
As both firms emphasized, the closing of the operation represents the successful culmination of an investment that MEAG has managed since 2017.
In the advisory field, Holland & Knight acted as legal advisor to MEAG, while Santander took on the role of financial advisor. Meanwhile, Gibson, Dunn & Crutcher LLP and McGuireWoods LLP provided legal advice to Ardian in the context of the transaction.
The head of Alternative Assets America at MEAG New York, Alexander Poll, stated that the divestment of this stake "reflects the disciplined approach" of the entity in the active management of its portfolio.
On the other hand, the Infrastructure Director of Ardian, Olivia Genereux, thanked Meag "for a constructive and collaborative partnership over these years" and highlighted that achieving full ownership of these assets "provides the platform and flexibility needed to execute the next phase of the asset management plan and unlock its full potential."