Starwood Energy closes financing for wind project
Starwood Energy Group Global, LLC announced on january 7th that an affiliate has completed agreements to finance and construct its first wind farm, a 211 Megawatt (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 and Citi are also providing a non-recourse construction debt facility (including a letters of credit facility) totaling approximately US$265 million.
Bradford Nordholm, CEO of Starwood Energy Group, stated:
This is an excellent example of our value-add approach to well-structured power generationprojects, We remain committed to this sector.
Kevin Walsh, Managing Director and Head of Power and Renewable Energy at GE Energy Financial Services, stated:
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
Starwood Energy Group is a private investment firm based in Greenwich, CT that specializes in energy infrastructure investments. Through its general opportunity funds known as Starwood Energy Infrastructure Fund I and Starwood Energy Infrastructure Fund II, and other affiliated investment vehicles, Starwood Energy Group manages total equity commitments of approximately $1.9 billion.