Munich Re has expanded its energy investment portfolio with the purchase of 49% of Starwood Energy Group’s interest in two Texas wind farms, likely as a diversifying investment for its asset-side operations.
The energy focused private investor, Starwood Energy, sold its interests in the Horse Creek and Electra wind farms in Haskell and Wilbarger Counties to reinsurance giant Munich Re, advised by its internal asset manager, MEAG.
MEAG Managing Director, Holger Kerzel, said the investment “makes an attractive and sustainable contribution to the continued geographical diversification and expansion of our US infrastructure portfolio.
“Around 200,000 US households are provided with renewable electricity from these wind farms. We are now looking forward to working with our new partner Starwood.”
Starwood Energy built the windfarms as identical 230 Megawatt wind projects, which began operations in late 2016.
Himanshu Saxena, Senior Managing Director and Co-Head of Starwood Energy Group, added; “We are excited to be partnering with an organization with MEAG’s reputation and capabilities. We look forward to the continued success of the Horse Creek and Electra projects, as well as the growth of our relationship with the MEAG team.”