Wind Capital sells 150MW Osage project to TradeWind for $60m

21 April 2014 (Last Updated April 21st, 2014 18:30)

Wind Capital Group, a subsidiary of renewables investment group NTR, has sold its 150MW Osage wind farm, located in Oklahoma, US, to TradeWind Energy for $60m.

Wind Capital Group, a subsidiary of renewables investment group NTR, has sold its 150MW Osage wind farm, located in Oklahoma, US, to TradeWind Energy for $60m.

The project, which started construction in autumn 2013, is due to begin commercial operations in 2015.

According to the company, the total electricity generated by the project will be sold to Associated Electric under a long-term power purchase agreement.

To be equipped with 94 GE 1.6MW wind turbines, the project will provide over $30m in property tax revenues to Osage County, long-term lease payments to local landowners, and $1.5m in regional business activity during construction.

Once completed, the project will generate enough electricity to power approximately 50,000 homes while saving around 605,000t of carbon dioxide annually.

The Osage wind farm is expected to create 250 critical on-site construction jobs and 12-15 permanent jobs during operation.

"TradeWind are active participants in the Midwest and saw the value of a quality wind project which is in an advanced stage of development."

NTR CEO Rosheen McGuckian said that the company has obtained a very satisfactory value for the Osage project through the deal with TradeWind Energy.

"TradeWind are active participants in the Midwest and saw the value of a quality wind project which is in an advanced stage of development," McGuckian added.

The company said the latest transaction marks its successful transition from a project development oriented firm to a wind investment and operations firm.

Wind Capital operates and manages a portfolio of more than 350MW wind projects and is also pursuing other opportunities to enhance its business in the wind sector.

Nri