MEAG, on behalf of Munich Re, has completed the sale of its minority interest in the Horse Creek and Electra wind farms in Texas to Ardian, a global private investment firm and the existing long-term partner in the assets. The transaction marks the successful conclusion of an investment that MEAG has managed since 2017.
Horse Creek and Electra are two operational onshore wind farms located in Texas, with a combined installed capacity of 460 MW. The assets contribute renewable energy generation within the ERCOT power market and have been in operation since 2016.
Dr. Alexander Poll, Head of Alternative Assets Americas at MEAG New York, said: 'The sale of our interest in Horse Creek and Electra reflects MEAG’s disciplined approach to active portfolio management.'
Gabriel Wagner, Deal Lead, MEAG New York, added: 'We appreciate the very constructive partnership with Ardian over the years and believe the transaction positions the assets well for the next phase of their lifecycle.'
Olivia Genereux, Director Infrastructure, Ardian, stated: 'We thank MEAG for a constructive and collaborative partnership over the years. Consolidating full ownership of Horse Creek and Electra gives us the platform and flexibility to execute the next phase of our asset management plan to unlock their full potential. We look forward to the next chapter for these assets and to their continued role in one of the most dynamic power markets in the U.S.'
Holland & Knight served as MEAG’s legal advisor on the transaction. Santander acted as financial advisor, while Gibson, Dunn & Crutcher LLP and McGuireWoods LLP served as legal counsels, to Ardian in connection with the transaction.
About MEAG
MEAG is the asset manager of Munich Re Group. Working closely with Munich Re group companies in Europe, Asia and North America, MEAG also offers its extensive expertise to institutional investors and private clients outside the Group. MEAG currently manages assets of approximately EUR 374bn, including around EUR 63bn for non-Group investors. Further information is available at: www.meag.com
Source: MEAG
