Akuo Energy and GE Renewable Energy close financing for 150 MW wind farm in Texas

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Akuo Energy and GE Renewable Energy close financing for 150 MW wind farm in Texas

Akuo Energy and GE Renewable Energy have announced the successful completion of the financing and launch of the construction of its 3rd global project, a 150 MW wind farm in Rocksprings, Texas, USA.

Akuo Energy has selected GE as a preferred partner to both equip and finance complex and innovative project such as Akuo Energy’s Rocksprings Wind Farm.

With a capacity of 150 MW, the Rocksprings wind farm enjoys exceptional wind conditions. Akuo Energy will purchase fifty-three 2.3 MW General Electric turbines (with 116 meter diameter rotors) and sixteen 1.72 MW General Electric turbines (with 103 meter diameter rotors), allowing them to take full advantage of the site’s wind resources and topography. In addition to supplying the turbines, GE will supervise the project’s operational and maintenance aspects under a long-term service contract. GE, through GE Energy Financial Services, has also provided tax equity financing for the project.

100 of the megawatts produced by the Rocksprings wind farm will be purchased by a major global science company under a 15-year power purchase agreement; the remaining 50MW will be purchased by Walmart under a 12-year power purchase agreement. The wind farm’s construction is expected to last 9 months.

Jérôme Pécresse, President and CEO GE Renewable Energy said:

“We are very pleased to strengthen our relationship with Akuo Energy, and showcase GE’s ability to deliver technology and financing solutions in support of the global renewable energy industry and for our valued customers.”

Kevin Walsh, Managing Director and Head of U.S. Renewables at GE Energy Financial Services, added:

“Partnering on a second U.S. wind farm with Akuo expands our renewable energy footprint, and continues our support of the global renewable energy industry and GE’s valued customers.”

With the signing of this third contract for Rocksprings, GE is now the leading supplier of turbines to Akuo Energy, with 108 turbines that can supply 251 MW of capacity. Akuo Energy was advised by the Morgan, Lewis & Bockius law firm for the undertaking of the Rocksprings transaction, while GE was advised by the Hunton & Williams law firm. 

Eric Scotto, Chairman and co-founder of Akuo Energy, concludes:

“GE is a major and multifaceted player that has perfectly grasped our specific requirements and responded via a suitable offer. The signing, by both groups, of our 3rd contract for the supplying of turbines for the Rocksprings project has again enabled us to reaffirm this observation and makes GE a valuable partner not just for Akuo Energy, but also for the entire wind power segment it is helping drive.

Given this latest major breakthrough and the size of our portfolio of projects under development, we are reiterating our objective of having a global production capacity of 3,500 MW by 2022.”

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