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June 3, 2021

TGE to sell solar and wind projects to Leeward Renewable Energy

The two projects will have the capacity to power more than 80,000 homes.

By Umesh Ellichipuram

Utility-scale renewable energy projects developer Tri Global Energy (TGE) has signed an agreement to sell two of its US-based solar and wind projects to Leeward Renewable Energy.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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Under the agreement, Leeward Renewable Energy will acquire the Blackford Wind and Blackford Solar projects in Blackford County, Indiana.

The two projects, begun by TGE in 2019, will have the collective capacity to deliver enough green energy to power more than 80,000 homes.

Blackford Wind will be developed to generate up to 200MW of clean energy, while Blackford Solar would have 150MW of capacity.

Tri Global Energy chairman and CEO John Billingsley said: “Tri Global Energy continues to drive the energy transition with renewable projects like these in Blackford County.

“We look forward to working cooperatively with representatives of the county, our participating landowners and our partners to make this significant investment in the community.

“Projects of this scope demand world-class expertise and resources, and that’s why we consider Leeward Renewable Energy an outstanding partner going forward.”

Leeward Renewable Energy CEO Jason Allen said: “We are pleased to reach an agreement with Tri Global Energy to acquire these well-planned development assets and partner with Tri Global in their continued development.

“The projects accelerate our efforts in the Indiana market and are highly complementary to our aggressive growth strategy across the US.”

TGE and Leeward Renewable Energy have agreed to work together to secure the requisite permits from the county, state and federal authorities.

The two projects are expected to come online as early as 2023.

To fund the deal and construction works, TGE will receive royalty financing from Great Bay Renewables, a joint venture company between certain funds managed by affiliates of Apollo Global Management and Altius Renewable Royalties.

This deal is the second to have been agreed by the two companies.

In April, TGE agreed to sell its 180MW Hoosier Line Wind project and 400MW Honey Creek Solar project to Leeward Renewable Energy.

That month, Leeward Renewable Energy also acquired a utility-scale solar project platform with almost 10GW of capacity from First Solar.

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Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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