Starwood secures funding for 165-MW wind farm in Texas
Aug 19, 2014 - US private investment firm Starwood Energy Group Global LLC has arranged financing to build the 165-MW Stephens Ranch II wind farm in Texas.
Cash equity will be provided by a unit of the company, Starwood said on Monday. A debt facility of USD 207 million (EUR 155m) and tax equity, that is investment in return for the project’s tax benefits, will be secured by affiliates of Citigroup Inc (NYSE:C), Morgan Stanley (NYSE:MS) and MUFG Union Bank NA, which is part of Japan’s Mitsubishi UFJ Financial Group Inc (TYO:8306).
The Stephens Ranch II wind park will be the second phase of a 377-MW project, which Starwood Energy acquired in 2013 from developers Wind Tex Energy and Mesa Power. The 165-MW facility will use turbines made by General Electric (NYSE:GE) and is seen to be operational in the middle of 2015. North Dakota-based Wanzek Construction will be in charge of its construction.
The 211-MW phase of the complex is currently under construction and is expected to be switched on by end-2014.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.