December 26 (Renewables Now) - Funds managed by affiliates of Ares Management Corp (NYSE:ARES) have acquired a 430-MW portfolio of wind projects in Texas from BP Wind Energy, a unit of UK oil major BP plc (LON:BP).
The deal was announced by BP on Friday as part of the latter’s restructuring programme through which it seeks to optimise and upgrade its US wind portfolio and create a wind energy business that is sustainable for the long term.
The sold assets are the 60-MW Silver Star, the 145-MW Sherbino Mesa 2 and the 225-MW Trinity Hills wind parks. The proceeds from their sale will go to finance technology upgrades within BP’s remaining wind portfolio that includes interests in 11 wind parks in eight states. This represents net ownership of over 1 GW of capacity.
Bank of America Merrill Lynch was BP’s financial counsel in the deal.
Apart from wind energy, BP is also involved in biofuels and biopower, while it also operates on the solar market through Lightsource BP.