IPPToday #340: 300 MW wind project in Texas reaches financial close
- Scout Clean Energy
- Quinbrook Infrastructure Partners
- GE General Electric
- Renewable Energy Systems (RES Group)
- Nephila Climate
- Allianz Global Corporate & Specialty
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Scout Clean Energy has announced the closing of construction financing and tax equity commitments for the 300 MW Ranchero wind project, located in Crockett County, Texas, southern USA.
Ranchero has been developed from inception by Scout, a portfolio company of Quinbrook Infrastructure Partners. It will utilize 120 of the latest generation GE 2.5 MW wind turbines with 127m rotors and is expected to be operational by year-end 2019.
The project has secured a 10-year Proxy Revenue Swap (PRS) with Allianz Global Corporate & Specialty, Inc.’s Alternative Risk Transfer unit, in partnership with Nephila Climate. REsurety provided the risk analytics supporting the PRS transaction and will serve as the calculation agent on an ongoing basis.
Construction financing, including letters of credit, is being provided by KeyBank. GE Energy Financial Services underwrote and committed a portion of the tax equity.
Scout has entered into a fixed price balance of plant construction agreement with RES Americas, with construction management and operations post construction to be undertaken by Harvest Energy Services, a Scout affiliate.
Ranchero is the company's first greenfield project as an owner-operator. It will bring Scout’s owned portfolio of wind energy generation to over 500 MW.