in News Departments > Projects & Contracts
print the content item

Starwood Energy Group Global, a Connecticut-based private investment firm, has completed agreements to finance and construct the second phase of its 377 MW Stephens Ranch wind farm complex in Texas.

The 165 MW Stephens Ranch II project is located 45 miles south of Lubbock and will use GE 1.7-100 turbines. Wanzek Construction will build the project, with completion scheduled for mid-2015.

Affiliates of Citi, Morgan Stanley and MUFG have committed to invest tax equity in Stephens Ranch II, and affiliates of Starwood Energy Group have committed 100% of the cash equity. Affiliates of Citi, Morgan Stanley and MUFG are also providing a non-recourse construction debt facility (including a letters of credit facility) totaling approximately $207 million. Affiliates of MUFG will act as administrative agent, collateral agent, and depositary bank.

"We are pleased to have assembled a team of very experienced partners for this project," says Himanshu Saxena, managing director of Starwood Energy Group. "We remain committed to this sector as we continue to look for new investment opportunities. Continued federal support for wind projects is a key enabler for such investments as the nation transitions to a greener economy."

An investment affiliate of Starwood acquired the Stephens Ranch scheme from Mesa Power in 2013, and the company closed financing on the first phase of the project in January.





Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.


Could Initial Offshore Wind Projects Crash New England's REC Market?

Some are concerned that the first offshore wind projects could negatively impact pricing of renewable energy credits (RECs) in New England.


Catching Up With The DOE's Down-Select Offshore Winners

The three recipients of key U.S. Department of Energy (DOE) funding provide updates on their offshore wind demonstration projects.


Texas Comptroller Attacks Wind Power, And Industry Fights Back

Texas Comptroller Susan Combs recently released a report calling for an end to wind power subsidies. The Wind Coalition has responded, saying the report is riddled with misinformation.


How To Mitigate Blade Issues And Costly Downtime

Routinely inspecting your turbine's blades can help identify problems early on, ultimately cutting down unscheduled maintenance costs.

Canwea_id1984
Renewable NRG_id1934