Arroyo Investors and ONCEnergy partner to expand renewable energy footprint
Arroyo Investors (“Arroyo”), a Houston-based independent investment manager specializing in power generation and energy infrastructure assets, together with ONCEnergy, a newly formed renewable energy platform, have announced the acquisition of the Whirlwind Energy Center, a 60-megawatt (MW) wind power facility located in Texas. The transaction marks a significant step in both firms’ strategies to expand their presence in the U.S. renewable energy market, particularly in regions experiencing rising electricity demand and an accelerating transition toward cleaner energy sources.
The Whirlwind Energy Center is a utility-scale wind facility comprising 26 modern wind turbines designed to efficiently harness Texas’ abundant wind resources. The project delivers clean, renewable electricity under a long-term power purchase agreement (PPA) with Austin Energy, one of the largest publicly owned electric utilities in the United States. Through this agreement, the wind farm plays a direct role in supporting Austin Energy’s renewable energy goals while also contributing reliable generation to the Electric Reliability Council of Texas (ERCOT) grid, one of the most dynamic and competitive power markets in North America.
Texas continues to be a focal point for renewable energy investment, driven by strong population growth, increasing power consumption, and a market structure that rewards efficient generation assets. Wind energy, in particular, has become a cornerstone of the state’s electricity mix, supported by favorable natural conditions, established transmission infrastructure, and growing demand from utilities, corporations, and municipalities seeking to meet sustainability targets. The acquisition of Whirlwind Energy Center aligns squarely with these long-term market fundamentals.
“We are pleased to add this high-quality asset to our portfolio,” said Brandon Wax, Partner at Arroyo. “The acquisition reflects our focus on value-driven investments with strong counterparties, a solid operating track record, and clear relevance to markets with growing capacity needs. Partnering with ONCEnergy allows us to leverage deep operational expertise while expanding our investment footprint in the market.” His comments underscore Arroyo’s investment philosophy, which emphasizes disciplined capital deployment, downside protection, and partnerships that enhance operational performance.
Arroyo Investors has built a reputation as a specialized investment manager with a concentrated focus on energy infrastructure and power generation assets across North America. By targeting assets with stable cash flows, long-term contracts, and experienced operating partners, the firm seeks to generate attractive risk-adjusted returns while supporting the evolution of the energy system. The Whirlwind Energy Center acquisition fits within this framework, combining contracted revenue through a PPA with exposure to a growing renewable energy market.
ONCEnergy, the operating partner in the transaction, is a newly established renewable energy platform founded by a team of seasoned clean energy executives. While the platform itself is new, its leadership brings decades of experience spanning renewable energy investment, project development, financing, construction, and operations across the United States. This depth of experience positions ONCEnergy to effectively manage assets throughout their lifecycle, optimize performance, and identify additional value creation opportunities.
“This project exemplifies the disciplined, value-oriented opportunities we originate,” said Martin Mugica, President and Chief Executive Officer of ONCEnergy. “Our team has a long track record of building and operating renewable assets in the U.S., and we look forward to building on this relationship with Arroyo by applying our experience to high-quality investments.” Mugica’s statement highlights ONCEnergy’s focus on selective growth and operational excellence rather than rapid expansion for its own sake.
The Whirlwind Energy Center benefits from an established operating history and proven technology, reducing development and construction risks often associated with new-build projects. Its long-term PPA with Austin Energy provides revenue stability and creditworthy counterparty exposure, which is particularly attractive to infrastructure investors seeking predictable cash flows. At the same time, the project contributes to broader decarbonization efforts by displacing fossil fuel-based generation and reducing greenhouse gas emissions.
For Austin Energy, the wind farm supports the utility’s commitment to increasing the share of renewable energy in its generation portfolio. Publicly owned utilities across the United States are under growing pressure from customers, regulators, and local governments to deliver affordable, reliable, and clean electricity. Long-term PPAs with wind and solar projects have become a key tool in meeting these objectives, offering price certainty while advancing climate and sustainability goals.
The acquisition also reflects continued confidence in the ERCOT market despite recent volatility driven by extreme weather events, load growth from data centers and electrification, and evolving regulatory dynamics. Investors with a long-term perspective increasingly view ERCOT as a market with strong fundamentals, where well-located and efficiently operated assets can deliver compelling returns. Wind projects
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