Quinbrook Infrastructure Partners’ portfolio company Scout Clean Energy has completed construction financing and tax equity commitments for the 300MW Ranchero Wind Farm in Crockett County, Texas, US.
This project is expected to come on-line by the year-end.
Developed from inception by the Scout Clean Energy, the project will feature 120 of GE’s 2.5MW wind turbines with 127m rotors.
The project has secured a ten-year proxy revenue swap (PRS) with Allianz Global & Specialty’s Alternative Risk Transfer unit in partnership with Nephila Climate.
Alongside offering the risk analytics supporting the PRS deal, REsurety will serve as the calculation agent under an ongoing basis.
KeyBank is providing financing for construction, including letters of credit. GE Energy Financial Services (GE EFS) underwrote and committed a part of the tax equity.
Scout has signed a fixed-price balance of plant construction agreement with RES Americas. Construction management will be taken up by Harvest Energy Services, which is an affiliate of Scout.
Quinbrook co-founder and managing partner David Scaysbrook said: “It is especially pleasing to have closed a major new financing and commenced construction of the first project to be developed from scratch by the Scout team. Ranchero has the potential to be a significant new wind project for the Texas power market and enjoys a strong wind resource.
“Securing Allianz as Ranchero’s offtake partner supports our view of the quality of the project and its compelling wind resource fundamentals. Including the 200MW Persimmon Creek windfarm recently completed and already operational, Scout’s operating portfolio is targeted to exceed 1GW within the next 18 months and is well on the way to exceeding our 2GW growth target by 2021.”
Quinbrook senior managing director Jeff Hunter said: “Quinbrook and the Scout team are pleased to have closed and launched construction of another utility-scale wind project with distinguished partners and the opportunity to employ new financing and off-take structures in the Ranchero transaction.
“We believe Ranchero is an exceptional wind project and the transaction has attracted several high-quality partners in GE Renewable Energy, GE EFS and KeyBank. This year we expect to close and commence construction on several additional wind projects in the Scout portfolio which are located across a diverse spectrum of US power markets.”
Quinbrook and Scout have bolstered their wind project portfolio to over 2.3GW of potential capacity, with 13 projects in ten US states.
Akin Gump Strauss Hauer & Feld and Paragon Energy Advisors served as advisers for Quinbrook and Scout.