- Press Releases
April 19 (Renewables Now) - Energy and commodities trader Vitol announced that it has signed an agreement to acquire 244.4 MW of operating wind farms in the US state of Pennsylvania from a fund managed by Black Rock Inc (NYSE:BLK).
Vitol, via an affiliate, is set to acquire the Highland North, Twin Ridges and Patton wind farms for an undisclosed amount. The company expects to close the transaction later this quarter, pending closing conditions and customary regulatory approvals, it said.
Vitol added it would seek to repower two of the three sites, and invest “significant capital” in the latest wind technology to boost the annual power production and extend the life of the wind farms.
Once in Vitol’s possession, the Pennsylvania wind farm trio will join the company’s Big Sky wind farm, helping it reach close to 500 MW of wind power capacity in the US. Vitol’s total renewables portfolio in the US would approach 1 GW, the company stated.