Starwood Energy to sell 105 MW Northwest Ohio Wind Project to CMS Energy Subsidiary
June 25, 2018 in
GREENWICH, CT – June 25, 2018 – Starwood Energy Group Global, LLC, a leading private investment firm focused on energy infrastructure, announced today that it has signed an agreement to sell its 105 Megawatt (MW) Northwest Ohio Wind Project to CMS Enterprises, a subsidiary of CMS Energy. CMS Energy, headquartered in Jackson, MI, has an electric and natural gas utility, Consumers Energy, and also owns and operates other independent power generation businesses through CMS Enterprises.
The project, which is contracted to General Motors through a 15-year renewable energy purchase agreement, is currently under construction, with completion anticipated in Q3 2018. The sale transaction is scheduled to close prior to the commercial operations date.
Starwood Energy acquired the development rights to the project in 2014 and achieved financial close on construction financing last October.
“This transaction represents the culmination of years of hard work by the Starwood team to develop the asset in-house, find a long-term customer in GM, and assemble a top-notch team to build it,” said Himanshu Saxena, CEO of Starwood Energy. “CMS Energy has strong ties to GM and a commitment to renewable energy and is the ideal long term owner of this asset, and we look forward to a seamless transition over the next weeks and months.”
About Starwood Energy Group Global, LLC
Starwood Energy Group is a private investment firm based in Greenwich, CT that specializes in energy infrastructure investments. Through its general opportunity funds and other affiliated investment vehicles, Starwood Energy Group has raised equity commitments of approximately $3 billion and has executed transactions totaling more than $6 billion in enterprise value. The Starwood Energy Group team brings extensive development, construction, operations, acquisition and financing expertise to its investments, with a focus on the natural gas and renewable power generation, and transmission sectors. Starwood Energy Group is an affiliate of Starwood Capital Group Global, L.P. Additional information about Starwood Energy Group as well as Starwood Capital Group can be found at www.starwoodenergygroup.com.
Tom Johnson or Patrick Tucker
View Article (PDF)