Help Desk -
9717405332, 9599714297, 9810335381
Email
Password

Longroad Energy Completes Financing for 243 MW El Campo Wind Farm

Power News - Published on Wed, 17 Jul 2019

Image Source: longroadenergy.com
US based renewable energy developer, owner and operator Longroad Energy announced the financial close and start of construction of its El Campo wind farm in Knox County, Texas. The two Danish pension funds PKA and PenSam, represented by their investment manager AIP, also became long-term investors alongside Longroad. Mr Paul Gaynor, CEO of Longroad said that “Longroad is pleased to bring this deal through this crucial step and to partner with PKA and PenSam through AIP. We are proud of our track record in developing, financing, constructing, owning and operating well-structured renewable assets in the US. This approach appealed to AIP and its investors; and the investment in El Campo is a great first step to take with our new partners. It’s great to be able to work with high caliber groups such as PKA, PenSam, and AIP. We hope this is the first of many partnerships with this team in the US.”

This project is one of the largest investments ever made in Knox County – the total cost of the project is approximately USD 335 million, and it is expected to achieve commercial operation by July of 2020.

The project will contribute nearly USD 20 million in property taxes to the Benjamin Independent School District, Knox County, Knox County Hospital District, and other local taxing authorities. The El Campo project is expecting to provide employment for approximately 200 people during construction. Eight full-time staff will manage the day to day operations of the facility.

The project has two corporate PPAs: DaVita Inc. has signed a Power Purchase Agreement (PPA) for 83 MW while Crown Holdings will take 111 MW in its PPA. Vestas American Wind Technology Inc. will supply 67 wind turbines ranging in size from 2.0 MW to 4.2 MW each, and the project will be built by Mortenson under an EPC agreement.

On the financing front, BHE Renewables is the sole tax equity investor. The lending group is led by KeyBank N.A. and includes HSBC Bank, CIBC, and Zions Bancorporation, N.A.

Source :

Posted By : Ratan Singh on Wed, 17 Jul 2019
Related News from Power segment