Wind farm developer and operator SeaWest Holdings is to be acquired by AES Corp for $60 million in a cash deal.

The transaction, which is expected to close in the first quarter, involves several stages beginning with a $30 million secured development loan by AES to a SeaWest subsidiary for the purchase of wind turbines for the Texas-based, 120 MW Buffalo Gap wind farm development.

This will be followed by the purchase by AES of Buffalo Gap Holdings a wholly owned subsidiary of SeaWest; and finally, by the sale of all outstanding capital stock of SeaWest Holdings, the parent company of SeaWest WindPower and other subsidiaries.