ABB_id2059
in News Departments > Projects & Contracts
print the content item

Starwood Energy Group Global LLC, a Connecticut-based private investment firm focused on energy infrastructure, has completed agreements to finance and construct its first wind farm, a 211 MW project 45 miles south of Lubbock, Texas.

The Stephens Ranch project, which represents the first of two phases that will total 377 MW, will use GE 1.7-100 turbines and be built by Wanzek Construction, with completion scheduled for late 2014.

Affiliates of GE Energy Financial Services, Banco Santander and Citi have committed to invest tax equity in the project, and affiliates of Starwood Energy Group have committed 100% of the cash equity. Santander Bank N.A. and Citi are also providing a non-recourse construction debt facility (including a letters of credit facility) totaling approximately $265 million. Additional financial details were not disclosed.

"For our first wind investment, we are pleased to have assembled a strong team of very experienced lenders, tax equity investors and contractors," says Himanshu Saxena, managing director of Starwood Energy Group. "We look forward to working together with the local communities to make this project a success."

An investment affiliate of Starwood Energy Group acquired Stephens Ranch in August 2013 from Mesa Power, an entity owned by T. Boone Pickens.

"This transaction enabled us to combine our Texas wind energy investing expertise with the skills of our tax equity partners, Santander and Citi, to support Starwood Energy on this wind farm, a well-structured project using proven technology," comments Kevin Walsh, managing director and head of power and renewable energy at GE Energy Financial Services.




Hybrid Energy Innovations 2015

Trachte_id2056
Latest Top Stories

U.S. Wind Power Installations Surpassed 4.7 GW Last Year, Although China Still Leads

Bloomberg New Energy Finance reports that U.S. wind installations came back in a big way from a disappointing 2013.


IRS Specifies Performance, Quality Standards For Small Wind Turbines

The Internal Revenue Service (IRS) recently issued guidelines creating safety and performance standards for small wind turbines to be eligible for the 30% investment tax credit.


Hot Times North Of The Border: Canada Tops Previous Record For Installed Wind Capacity

For the second consecutive year, Canada's wind market has bested the country's previous mark for new installations.


Report: Policy Uncertainty Fuels Market Exodus As Firms Bolt North American Wind Industry

The global wind energy supply chain has yet to recover from the slump that began in 2013. In fact, many segments are undergoing a transformation, according to market research firm FTI Consulting.


Utilities Deal "Near-Fatal" Blow To Cape Wind: UPDATED

Despite its remarkable resiliency, could this latest setback mean the end for the controversial offshore wind farm?

Hybrid Energy Innovations 2015