Apex, Northleaf close proxy revenue swap for 151-MW wind project in Texas
Wind turbines in Texas. Author: Will De Freitas. License: Creative Commons, Attribution-NonCommercial-NoDerivs 2.0 Generic.
Apex Clean Energy and Northleaf Capital Partners have agreed a 10-year proxy revenue swap with Allianz Risk Transfer (Bermuda) Ltd for the 151.2-MW Old Settler Wind farm in Texas.
The contract with ART Bermuda will ensure long-term predictable revenues and mitigate the weather-related uncertainty surrounding wind power generation, the parties explained in a press release. The proxy revenue swap is a new risk management tool for the wind sector that was established by a partnership between ART Bermuda, Nephila Capital Ltd, REsurety Inc and Altenex LLC.
The Old Settler Wind project in Floyd County is part of a 217-MW portfolio in Texas that also includes the Cotton Plains Wind and Phantom Solar developments. Last week, Japanese trading house Itochu Corp (TYO:8001) said it will invest in that portfolio.
The facilities are expected to achieve commercial operation in the first quarter of 2017.