Receive our newsletter – data, insights and analysis delivered to you
  1. News
May 9, 2018

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

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.

Content from our partners
How Hengst helped to keep Germany’s charity “star singers” shining
How one power station prevented frequent shutdowns with three-stage air filtration
Reimagining the carbon problem

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.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU