Innergex, BlackRock cut ribbon on 200-MW wind farm in Texas

Canadian firm Innergex Renewable Energy Inc (TSE:INE) on Tuesday announced the commissioning of the 200-MW Flat Top wind farm in Texas, jointly owned with a fund managed by BlackRock Real Assets.

Innergex became owner of a 51% stake in the wind park as part of the acquisition of compatriot clean energy company Alterra Power Corp (CVE:AXY) in February. A fund managed by BlackRock Real Assets holds the remaining 49% interest.

The Flat Top wind farm, located near the town of Priddy in central Texas, uses 100 V100 turbines supplied by Danish manufacturer Vestas Wind Systems (CPH:VWS). It will sell its entire output to the power grid of Electric Reliability Council of Texas (ERCOT) and fix the power price on the majority of its revenue under a 13-year commodity hedge agreement with an affiliate of Citi, starting on August 1, 2018.

Vestas will operate and maintain the plant for 10 years. Following the launch of commercial operations, the project has received USD 211.3 million (EUR 171.4m) in tax equity financing from Warren Buffett's Berkshire Hathaway Energy and Citi. The funds will go mainly to retire the project’s construction loan.

This is Innergex’s second wind farm in Texas. The Canadian company said the scheme fits with its strategy to enhance its presence in the US and “bring more high-quality projects online in a near future” there.

(USD 1.0 = EUR 0.8113)

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