UBS Asset Management's Real Estate & Private Markets (REPM) Infrastructure business has purchased a 49.9 percent stake in Phoenix Wind Repower, a portfolio of three wind farms located in Texas, on behalf of its infrastructure equity strategy.
The stake was sold by a fund managed by Ares Management Corp.’s Infrastructure and Power strategy, which retains the remaining 50.1 percent interest in the asset.
The three wind farms, originally commissioned with Clipper turbines in 2008 and 2012, are currently being repowered by Vestus turbines. With the infrastructure upgrades, the repowered portfolio is expected to have a total capacity of 383 megawatts. They are scheduled to reach commercial operation during the summer of 2020.
The assets interconnect into ERCOT, Texas’ main power market, which serves more than 25 million customers, according to UBS. The investment adds to REPM’s existing $8.2 billion infrastructure platform, forming part of its $2.4 billion
