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June 18, 2017

TGE sells 80MW Fiber Winds Energy Project in US to Lorenzo Wind

US-based energy utility developer Tri Global Energy (TGE) has completed the sale of its 80MW Fiber Winds Energy Project in Crosby County, Texas.

US-based energy utility developer Tri Global Energy (TGE) has completed the sale of its 80MW Fiber Winds Energy Project in Crosby County, Texas.

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The project will be sold to NextEra Energy Resources’ wholly-owned subsidiary Lorenzo Wind for an undisclosed sum. NextEra has also signed a long-term power purchase agreement with Xcel Energy in March this year. The company will be able sell 230MW of power to Xcel Energy, which includes Fiber Winds energy production.

As part of its 1,230MW Texas-New Mexico wind energy initiative, Xcel Energy will purchase other development assets from NextEra, including the 478MW Hale Wind Energy Project, developed by TGE.

"Fiber Winds has provided substantial economic impact to the local host area and that includes funds from additional tax revenue, landowner royalties, and other contributions."

TGE's chairman and chief executive officer (CEO) John Billingsley said: “We look forward to supporting NextEra in commencing project construction following regulatory approvals for both Fiber Winds Energy and Hale Wind Energy.

“Like many other wind energy projects in West Texas, Fiber Winds has provided substantial economic impact to the local host area and that includes funds from additional tax revenue, landowner royalties, and other contributions, such as the creation of local jobs.”

The Fiber Winds Energy is situated across 10,500 acres of leased farmland and represents the second phase of the Crosby County windfarm, TGE’s community-sponsored energy development initiated in 2009.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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