Ardian is partnering with Transatlantic Power Holdings to create a renewable energy platform called Skyline Renewables. Ardian is actively looking to expand its U.S. presence. In 2017, the firm purchased a stake in LBC Tank Terminals.
Skyline is acquiring Whirlwind, a Texas windfarm with 26 turbines, from Renewable Energy Systems Americas Development Inc. as the first power generator for the new company. The acquisition includes the buyout of tax equity interests from JP Morgan Chase & Co. (NYSE: JPM) and cash equity interests from Renewable Energy Systems.
Stefano Mion, co-head of Ardian Infrastructure US, says Transatlantic Power’s industry expertise and relationships should be valuable in pursuing renewable energy investments for Skyline. “While our vision for Skyline Renewables is broad, Whirlwind is the ideal first investment, one in which we can actively manage the asset and optimize returns,” Mion says.
Transatlantic Power was founded in 2016 by Martin Mugica, Lorenzo Roccia and private investors. Mugica is the former CEO of Iberdrola Renewables, which he helped build into the second largest renewable-energy company in North America. Roccia will serve as Skyline’s chairman and Mugica as its CEO.
Ardian started as AXA Private Equity under French insurer AXA formed by Dominique Senequier in 1996. The group was spunoff in 2013 and named Ardian, and Senequier is the company’s president. Ardian manages and advises on $67 billion of assets.
Ardian’s recent PE investments have included several with U.S. connections. In 2017, Ardian acquired a stake in LBC Tank Terminals, a chemical storage facility operator with operations in the U.S., Europe and China. Ardian also recently partnered with Seven Mile Capital Partners to set up a direct investment business focused on companies in the North American industrial and business service sectors.