Greenwich, Conn.-based private equity firm Starwood Energy Group has acquired the 377 MW Stephens Ranch Wind Project from developers Mesa Power and Wind Tex Energy. A purchase price was not disclosed.
Construction for the 200 MW first phase of the project, located in Borden and Lynn Counties, Texas, is expected to begin in September with commercial operation anticipated for August 2014.
Dallas-based Mesa Power, founded by T. Boone Pickens in 2007, is currently developing more than 500 MW of renewable projects across North America. Wind Tex Energy, a Dallas-based privately held developer founded by Steven K. DeWolf in 2002, has developed five Texas projects which comprise more than 6% of the total current Texas wind energy output.
Starwood Energy manages total equity commitments of approximately $1.3 billion. To date, Starwood Energy and its affiliates have committed to energy infrastructure transactions totaling approximately $3.2 billion in enterprise value.