Infrastructure investment firm ArcLight is doling out $500 million in capital to form SkyVest Renewables, which will operate and optimize renewable assets, according to a July 29 news release.

The assets include a 160-megawatt wind farm operating in the Midland Basin in Texas that ArcLight also said it acquired.

The two are targeting operating utility-scale solar and wind assets in North America.

“ArcLight has a deep history of investing in renewables dating back to our first fund, focused on bringing operating excellence, innovation, power expertise, and brownfield development skills to drive value and mitigate risk,’ said Dan Revers, managing partner of ArcLight. “SkyVest augments our existing in-house capabilities to implement these value-added levers. We see a growing opportunity to capitalize on this strategy with a continued disciplined and highly selective investment approach.”

Michael Murphy, former senior vice president and CIO of Clearway Energy, will serve as president of SkyVest. Michael Current, former senior vice president of finance of JERA Americas, will serve as CFO.

Senior advisors and board members include Mark Albenze, former CEO Global Service at Siemens-Gamesa; Tom Kiernan, former CEO of American Clean Power/AWEA; and Scott Hall, former CEO of Great River Hydro.

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