CIP finances wind project in Texas
Copenhagen Infrastructure Partners (CIP), through the fund Copenhagen Infrastructure II K/S, have provided a US$61 million mezzanine loan for the construction of the onshore wind farm Fluvanna I in Scurry County, Texas.
Fluvanna I is owned and operated by Terna Energy S.A. The total investment in Fluvanna I will be US$251 million.
Fluvanna I will consist of seventy-four 2.1 MW Gamesa turbines for a total project rated output of 155.4 MW. The wind project is expected to commence commercial operations in the fourth quarter of 2017.
Wanzek, a leading contractor in the US onshore wind market, has been awarded with the EPC contract. Gamesa will provide operational and maintenance services (O&M) for the turbines and Terna will be responsible for the operation, maintenance and management of the wind farm.
International law firm Watson Farley & Williams (WFW) has acted as financial advisor for CIP on the loan for the project development
Christian Skakkebæk, Senior Partner in CIP, commented:
“Fluvanna I is our first investment in partnership with Terna Energy. We are very pleased with working closely together with a technically skilled partner and look forward to successful completion of the onshore wind project in cooperation with all project stakeholders".
Emmanouel Moustakas, CEO of Terna Energy USA Holdings Corp, said:
“The Fluvanna I project is our second US onshore wind project and the first in our Texas portfolio to reach Financial Close Date. We are pleased with our cooperation with CIP that includes plans for two additional projects”.
CIP and Terna intend to continue to jointly develop wind farms in Texas, beginning with the Fluvanna II wind farm project adjacent to Fluvanna I with an expected output of 130 MW.