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UBS AM acquires stake in Texas wind farms

Wind_turbinesThe real assets arm of UBS Asset Management has acquired a stake in a portfolio of three wind farms in Texas from private equity firm Ares Management Infrastructure and Power for an undisclosed sum.

UBS Asset Management now owns a 49.9% equity stake in the US-based Phoenix Wind Repower LLC, whilst Ares Management Infrastructure retains 50.1% interest in the asset.

The three wind farms were initially commissioned between 2008 and 2012 with Clipper turbines. They are currently in the process of being repowered by Danish turbine manufacturer Vestas using best-in-class technology.

The windfarms are expected to be up and running in the summer next year, benefiting from enhanced efficiency and extended lifespans. Once repowered, the portfolio will have a total capacity of 383 megawatts.

Tommaso Albanese, head of infrastructure, UBS Asset Management, said: “Phoenix Wind is a highly attractive investment opportunity given the project’s ability to deliver reliable income streams.”

The wind farms interconnect into ERCOT, Texas’s main power market, which serves more than 25 million customers.

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