Sammons reaches fin close for 163-MW wind project in Texas

A unit of Dallas-based diversified group Sammons Enterprises Inc has secured hedge, tax equity and construction financing for the 163-MW Midway Wind project in Texas.

Sammons Renewable Energy (SRE) and Franklin Park, which manages the assets owned by the former, have obtained tax equity financing for the project from a unit of CIti and BHE Renewables LLC, a wholly-owned subsidiary of Berkshire Hathaway Energy Co. At the same time, the construction debt facility came from subsidiaries of Siemens Financial Services and Citi.

The project company has also signed a long-dated power price hedge agreement with an affiliate of Citi for part of the electricity expected to be generated by the wind farm.

SRE bought the project from Apex Clean Energy in January. The plant, which will use 47 units of Siemens Gamesa’s G132-3.465 MW wind turbines, should be completed in December 2018.

“Midway’s location near Texas' wind-rich Gulf Coast, and its proximity to the Electric Reliability Council of Texas’ (ERCOT) South Hub, position the development to fill an energy gap that will widen as coal-generation in ERCOT is retired,” said Heather Kreager, CEO of Sammons Enterprises.

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