Arroyo Investors and ONCEnergy have acquired the Whirlwind Energy Center, a 59.8 MW onshore wind asset in Texas that has been operating since 2007. The project consists of 26 turbines and sells power under a PPA with Austin Energy into the ERCOT market.

The key insight is simple: buyers are underwriting late-life wind assets with short remaining contract terms. Whirlwind had just three years of contracted revenue remaining as of December 2024, placing it well past the typical stabilization phase and close to merchant or re-contracting exposure.

This matters because asset age and PPA tenor are now being priced as opportunity, not just risk. A 17-year-old wind farm carries known performance characteristics, depreciated capex, and limited construction or commissioning risk. With a short PPA tail, buyers gain optionality around post-contract strategies rather than locking into long-dated pricing set in a very different power market.

Commercially, this signals confidence in ERCOT power fundamentals and in the ability to manage revenue beyond the existing contract. Rather than chasing long-term PPAs, capital is rotating into assets where downside is understood and upside comes from operational control, repowering potential, or future offtake resets.

The transaction reinforces a broader market signal: experienced investors are increasingly comfortable stepping in late in the asset life cycle when pricing, risk, and execution are tightly defined.

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