US-based Sammons Renewable Energy (SRE) has acquired the 238MW Rio Bravo windfarm in Starr County, Texas, from Longroad Energy Holdings.
The deal’s financial details have not been disclosed by the companies.
Rio Bravo windfarm is currently under construction and will be equipped with 66 Vestas V136-3.6MW turbines. It is expected to begin commercial operation by mid-2019.
Once the project becomes operational, it is expected to generate enough energy that will be sufficient to power 76,000 homes in the region. This is estimated to reduce the annual carbon emission levels that will be equivalent to taking off 126,000 cars from the road a year.
Sammons Enterprises CEO Heather Kreager said: “The acquisition of Rio Bravo is another step towards achieving our long-term growth goals for SRE and towards securing our position as a presence in the North American renewables market.
“We look forward to the completion of the construction phase of this project and to providing clean energy to the Texas market.”
Rio Bravo is said to be the second windfarm acquired by SRE, bringing the wind section of the company’s portfolio to 400MW.
Longroad has agreed to provide construction and asset management, as well as operations and maintenance services for the project, which will be managed by Franklin Park on behalf of SRE.
Franklin Park CEO Tom Tribone said: “With the closing of this transaction, the SRE wind, solar and hydropower fleet now totals over 800W.
“This project expands our footprint in the ERCOT South region and should provide operational and financial synergies. We look forward to continuing to identify and acquire compelling renewable power projects in North America in order to continue growing the portfolio.”
Akin Gump Strauss Hauer & Feld and Leidos offered legal advice and engineering advice respectively to SRE and Franklin Park.
A Berkshire Hathaway Energy subsidiary will provide tax equity financing to the project.