January 18 (Renewables Now) - Clean energy investor Quinbrook Infrastructure Partners announced on Thursday the completion of financing for and start of construction of the 300-MW Ranchero wind park in Texas.
Developed by Quinbrook portfolio company Scout Clean Energy LLC, the wind farm will use 120 GE turbines of 2.5 MW each with 127-metre rotors. It is planned to start power generation by the end of the year.
The Ranchero project has in place a 10-year Proxy Revenue Swap (PRS) with the Alternative Risk Transfer division of Allianz Global & Specialty Inc, in partnership with Nephila Climate. REsurety provided the risk analytics in support of the PRS transaction and will act as the calculation agent on an ongoing basis. KeyBank, part of KeyCorp (NYSE:KEY), is providing construction financing, including letters of credit, while GE Energy Financial Services underwrote and committed a portion of the tax equity.
Harvest Energy Services, an affiliate of Scout, will be in charge of construction management. A fixed-price balance of plant construction deal for the project has been agreed with Renewable Energy Systems Americas (RES America), Quinbrook said.
“This year we expect to close and commence construction on several additional wind projects in the Scout portfolio which are located across a diverse spectrum of US power markets,” said Jeff Hunter, Quinbrook’s senior managing director. Scout aims to surpass 1 GW of operational assets in the next 18 months and over 2 GW by 2021.
Quinbrook and Scout were advised by Akin Gump Strauss Hauer & Feld LLP and Paragon Energy Advisors.