BayWa sells New Mexico stake
The US unit of Germany’s BayWa re has sold its equity stake in the 19.8MW Brahms wind farm in eastern New Mexico to an affiliate of the Macquarie Group.
BayWa did not release financial terms of the deal. The wind farm entered commercial operation in February.
The transaction is Macquarie Investment Company’s (MIC) first investment in wind power generation.
"This particular opportunity meets our investment criteria in that it is an existing facility with a proven wind resource and there is a 20 year power purchase agreement in place with an investment-grade counterparty,” says MIC chief executive James Hooke.
“We were able to structure the investment in a manner that provides us with good visibility into the cash generating of the facility, similar to our existing contracted power projects," he adds.
BayWa last month announced the closing of tax equity financing for the project with a Union Bank affiliate. It acquired the project development rights in July 2013.