BayWa r.e. Wind has sold an equity stake in the 19.8 MW Brahms wind project to an affiliate of the Macquarie Group. Financial details were not disclosed.
The Brahms deal marks the first wind generation investment for Macquarie Infrastructure Co. BayWa informs that it will continue its role as Brahms' asset manager.
According to BayWa, the balance-sheet-funded project, located in Curry County, N.M., was placed in service last February. Additionally, the company closed a tax equity investment with an affiliate of Union Bank last month.
BayWa r.e. Wind LLC acquired the development rights in July 2013 and quickly moved forward to complete the project.
‘This transaction completes the full lifecycle of the project and confirms the successful execution of the new business plan set out since the company's takeover by BayWa r.e. only two-and-a-half years ago,’ says Florian Zerhusen, CEO. ‘Our business plan is to acquire development assets, self-fund construction, secure tax equity investment and then sell the sponsor interests in the projects at or after commercial operation. Using this model, we sell turnkey, fully structured projects to strategic and financial investors.’
BayWa says Brahms represents the third completed project since parent company BayWa AG entered the U.S. market in 2011. The fourth project is expected to be completed later this year, the developer notes.
