ArcLight Infrastructure Partners has committed $500m (€462m) to form a renewable energy platform, SkyVest Renewables.
The venture has made its debut investment, acquiring a 160MW operational wind farm in the Midland Basin of Texas in the US.
ArcLight said SkyVest will target operational, utility-scale wind and solar assets in North America.
Dan Revers, managing partner of ArcLight, said: “ArcLight has a deep history of investing in renewables dating back to our first fund, focused on bringing operating excellence, innovation, power expertise and brownfield development skills to drive value and mitigate risk.
“SkyVest augments our existing in-house capabilities to implement these value-added levers. We see a growing opportunity to capitalise on this strategy with a continued disciplined and highly selective investment approach.”
SkyVest is led by president Michael Murphy, previously the SVP and CIO of Clearway Energy, and CFO Michael Current, previously the SVP of finance of JERA Americas.
The executive team includes Mark Albenze, former CEO Global Service at Siemens-Gamesa, Tom Kiernan, former CEO of American Clean Power/AWEA, and Scott Hall, former CEO of Great River Hydro.
Murphy said: “I am excited to partner with ArcLight, which I view as one of the leading domestic renewable-infrastructure investors.
“ArcLight has a multi-decade history of making renewable-infrastructure investments, driven by a value-added approach and operational resources that I believe are imperative to driving value and mitigating risk in the renewables market today.”
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