Swift Current Energy has proudly announced the successful operational launch of its 197 MW Castle Gap Wind project, located in Central Texas. The wind project is already making significant strides towards sustainability by providing power to major retailer Target Corporation.
In a celebratory event held last Wednesday at the Castle Gap Wind site, community leaders, landowners from Mills and Lampasas Counties, representatives from Target, and financiers of the wind project joined Swift Current to mark the completion of this noteworthy venture.
Under a long-term virtual power purchase agreement, Target is set to benefit from the power generated by the Castle Gap Wind project. The tax equity for the project was provided by Goldman Sachs, showcasing the financial giant’s commitment to supporting sustainable infrastructure. Currently, the wind project is producing enough pollution-free energy to meet the annual power needs of over 50,000 homes.
Project financing for Castle Gap Wind was made possible through collaboration with Mitsubishi UFJ Financial Group (MUFG) and CaixaBank. Swift Current’s CEO and Co-Founder, Eric Lammers, expressed the significance of Castle Gap Wind for the company as it expands its portfolio under asset management and operations. The project is particularly noteworthy as it is among the earliest ventures supported by the Inflation Reduction Act.
Swift Current is not only the owner but also the long-term operator of the Castle Gap Wind project. The positive environmental impact is substantial, with the wind project contributing to the avoidance of greenhouse gas emissions equivalent to removing nearly 110,000 gasoline-powered cars from the road annually.
Erin Tyler, Target’s Vice President of Property Management, emphasized the company’s commitment to renewable energy, stating, “This Castle Gap Wind contract is a part of our commitment to renewable energy and is one example of how we are leveraging our size and scale to benefit people, the planet, and drive our business forward.”
Representatives from Goldman Sachs expressed their satisfaction with the partnership, highlighting their dedication to financing the energy transition. Ryan Newman, Head of Tax Equity at Goldman Sachs, said, “Goldman Sachs is committed to financing the energy transition and supporting sponsors like Swift Current that are developing sustainable infrastructure in an effort to combat climate change.”
Legal representation for the project financing transactions included Vinson & Elkins LLP and Husch Blackwell LLP for Swift Current Energy, Latham & Watkins LLP for MUFG and CaixaBank, and O’Melveny & Myers LLP for Goldman Sachs. Jackson Walker LLP provided legal representation for each of MUFG, CaixaBank, and Goldman Sachs concerning Texas law matters.
Swift Current Energy’s Castle Gap Wind project stands as a testament to the collaborative efforts of industry leaders working towards a greener and more sustainable future.