October 1 (Renewables Now) - Canada’s Innergex Renewable Energy Inc (TSE:INE) announced on Monday the start of commercial operation of the 350.3-MW Foard City wind farm in the US state of Texas.
Innergex’s chief investment and development officer Jean Trudel said in a statement that this is the largest wind farm built by the company so far. He added that with this plant and an ongoing solar project, Innergex has more than 1,000 MW in Texas.
The Foard City wind park consists of 139 GE wind turbines installed at a site in Foard County. A 300-MW portion of the plant is selling its electricity under a 12-year power purchase agreement (PPA) with Vistra Energy and the rest will be sold at a merchant market price. The wind farm will also benefit from 100% of the US Production Tax Credits (PTCs), amounting to USD 0.025 per kWh of electricity produced for the first 10 years of operations.
Innergex said that the USD-290.9-million (EUR 267m) construction loan for this project was repaid by a USD-282.3-million tax equity investment. About USD 23.4 million was converted into a seven-year term loan facility with a 10-year amortisation period.
(USD 1.0 = EUR 0.918)