SRE and Franklin Park closes financing for 163MW wind farm in Texas

9 May 2018 (Last Updated May 9th, 2018 11:13)

Sammons Renewable Energy (SRE) has revealed that it has closed hedge, tax equity and construction financing for the 163MW Midway Wind project in Texas, US.

Sammons Renewable Energy (SRE) has revealed that it has closed hedge, tax equity and construction financing for the 163MW Midway Wind project in Texas, US.

The tax equity investors for the wind farm project include BHE Renewables and a subsidiary of Citi, while the construction financing has been provided by the subsidiaries of Siemens Financial Services and Citi.

Midway Wind has also signed a long-dated power price hedge agreement with an affiliate of Citi to sell a portion of the power generated by the wind farm.

Franklin Park is said to have assisted SRE with the structuring and financing for the project.

“We look forward to growing our wind portfolio and working with tax equity partners to finance future wind project acquisitions.”

Franklin Park chief investment officer Kevin Lapidus said: “We are pleased to have successfully concluded the financing of the Midway Windfarm, and we look forward to growing our wind portfolio and working with tax equity partners to finance future wind project acquisitions.”

In January, SRE acquired Midway Wind farm from Apex Clean Energy, which will be providing ongoing construction and asset management services to SRE.

SRE is a subsidiary of Sammons Infrastructure that is owned by Sammons Enterprises.

Sammons Enterprises chief executive officer Heather Kreager said: “Midway’s location near Texas’ wind-rich Gulf Coast, and its proximity to the Electric Reliability Council of Texas’ (ERCOT) South Hub, position the development to fill an energy gap that will widen as coal-generation in ERCOT is retired.

“By continuing to work with Apex Clean Energy, who will manage construction efforts, we are confident this project will be a valuable asset in our growing renewable energy portfolio.”

The Midway Wind farm will be equipped with Siemens Gamesa Renewable Energy turbines, and the site is expected to begin commercial operations in December.