UBS International Infrastructure Fund announced it will acquire a 50 percent equity interest from EDF Renewable Energy in the 161 megawatt (MW) Spinning Spur II wind farm project.
Spinning Spur II will be UBS International Infrastructure Fund’s sixth investment and its second renewables acquisition.
The investment underlines the successful track record of EDF Renewable Energy in North America and other global markets, said Floyd Gent, head of Americas for UBS International Infrastructure Fund.
“Spinning Spur II, upon completion of its construction, is expected to generate stable, long term returns for the Fund, consistent with our investment objective,” Gent added.
Under this partnership, EDF Renewable Energy will remain in charge of development, construction and tax-equity financing until commercial operation is achieved. The company will then bring in UBS International Infrastructure Fund’s expertise in operations and maintenance through EDF Renewable Services to optimize both partners’ long-term investment profitability.
The construction of Spinning Spur II was started in June 2013 with an expected Commercial Operation Date (COD) on or about July 1, 2014. Spinning Spur II will utilize 87 General Electric (GE) wind turbines with a rated capacity of 1.85 MW each.
Raphael Declercq, EDF Renewable Energy’s director of Divestiture and Portfolio Management, said, “EDF Renewable Energy will remain in charge of development, construction and tax-equity financing until commercial operation is achieved; we will then bring in our expertise in operations and maintenance through EDF Renewable Services to optimize both partners’ long-term investment profitability.”