Vitol to acquire wind farms totalling 244.4 MW of wind generation from BlackRock
Vitol today announces it has agreed to acquire three operating wind farms in Pennsylvania totalling 244.4 MW from a fund managed by BlackRock, for an undisclosed sum. The Highland North, Twin Ridges and Patton wind farms will be acquired by Vitol affiliate, Vitol PA Wind LLC. The transaction is expected to close later this quarter and is subject to standard closing conditions and customary regulatory approvals. When combined with Vitol’s Big Sky Wind farm, Vitol will have almost 500 MW of wind capacity in the US, with a total US renewable portfolio approaching 1 GW.
Vitol’s objectives are to repower two of the three sites, subject to the relevant approvals, and invest significant capital in the latest wind technology to increase annual energy production and extend the life of the wind farms. The addition of these wind farms, combined with Vitol’s solar footprint, mean Vitol is well positioned to offer commercial and industrial (C&I) customers looking for green power solutions a renewable generation offering that better matches C&I load in the region.
Andrew de Pass, head of renewables, Vitol Inc. said: “This marks a big step in the development of our US renewables portfolio which has almost reached 1 GW of capacity. We continue to pursue our strategy of investing in assets where our expertise and capital enable us to add value to assets and our partners. On completion, we will be invested in over 1.5 GW of renewable generation, as well as a growing portfolio of innovative sustainable energy solutions, from hydrogen, bio-methane and waste plastic recycling, to carbon capture and storage; demonstrating Vitol’s commitment to participate proactively in the energy transition.”
To find out more about Vitol’s energy transition plans, please see our ESG Report here.