Starwood buys Pickens JV project

An investment affiliate of Starwood Energy has acquired the 377MW Stephens Ranch Wind Project in Texas from its joint developers, T. Boone Pickens’ Mesa Power Group and Wind Tex Energy.

Terms were not made public.

According to Starwood, construction of the first 200MW project phase is expected to begin in September with commercial operation targeted by August 2014. It did not say how the project was being financed.

In an April 2012 release, Mesa said the project would eventually deploy 233 General Electric 1.6MW wind turbines.

Pickens, an oil tycoon-turned-clean-power-advocate, created privately-held Mesa in 2007 to develop and finance renewable energy power projects, most of them wind. Mesa quickly became the nation’s most ambitious wind developer with project proposals including the world’s largest up to 4GW in the Texas Panhandle.

Pickens scaled back his plans in 2010 with the US mired in the so-called “Great Recession,” and in response to tumbling natural gas prices and lack of transmission capacity in the Panhandle.

Mesa, based in Dallas, says it is currently developing more than 500MW of renewable projects across North America.

Starwood Energy is a private equity investment firm based in Greenwich, Connecticut, that specializes in energy infrastructure investments.