First Wind has secured $254 million in financing for its South Plains Wind project in Floyd County, Texas.
It will have a capacity to generate 200 MW of cost-competitive, clean energy enough to power more than 62,000 Texas homes annually.
The project will be completed and online by the end of 2015.
Once complete, the project is expected to deliver power to the ERCOT (Electric Reliability Council of Texas) through the CREZ (Competitive Renewable Energy Zone) transmission system.
After gaining a successful financial security, First Wind has advanced its second renewable energy project in Texas with Vestas for 100 V100 turbines with a capacity of 2 megawatts each.
This is a significant milestone for the South Plains project, and the commitment of financial, turbine, construction and community partners are to be appreciated. Company is progressing towards second project in Texas, looking forward to investing in the local economy and delivering competitively priced clean energy to Texas homes and businesses, said, Paul Gaynor, CEO, First Wind.
South Plains Wind Energy is a subsidiary of First Wind, closed on a $254 million financing agreement for the South Plains project for which Mitsubishi UFJ has devoted tax equity.
This project will provide long term, competitively priced clean energy to Texas residents, said, Lance Markowitz, managing director and head, Leasing and Merchant Banking Group, MUFG.
This transaction is another example of the strategic objective to be the leading financial solutions provider for the renewable energy industry, added Markowitz.
The successful financing of this project once again shows company’s commitment to the North American wind sector, said, Alexander von Dobschütz, head, Structured Finance Division, BayernLB.
As an energy industry expert and recognized provider of international project and export financing, BayernLB is pleased to support this client First Wind by structuring and providing term debt to another power hedge transaction in Texas, added Dobschütz.
Sabeena Wahid
editor@greentechlead.com