Capital Dynamics, a global private asset manager, and Prudential Capital Group announced on Monday the financial closing of the first phase of a 300-megawatt (MW) onshore wind project in Texas, USA (Green Pastures).
Once commissioned, Green Pastures will generate enough electricity to power 110,000 homes – according to US Environmental Protection Agency methodology – avoiding approximately 813,000 metric tons of greenhouse gas emissions per year, the equivalent of annual emissions from 170,000 passenger vehicles.
This fully developed project, which is scheduled to be completed in two phases and is already under construction, is located on over 18,000 acres in Baylor and Knox Counties in North Texas and consists of two 150-MW phases. Green Pastures will connect and sell power to the state’s main power grid operator, the Electric Reliability Council of Texas, and the project has entered into a long-term power price hedge arrangement with a large financial institution.
The Green Pastures project has signed a turbine supply agreement with ACCIONA Windpower (ACCIONA) and will utilize one hundred AW 116/3000 turbines. The project has also entered into a comprehensive 10-year warranty, operations and maintenance contract with ACCIONA, providing visibility over longer-term operations and maintenance costs.
John Breckenridge, Managing Director at Capital Dynamics, said:
“Green Pastures is the latest example of our commitment to clean energy in the UK, Australia and North America. We are pleased to be able to partner with a leading energy investor in Prudential and a top-rated wind turbine supplier in ACCIONA.”
Stefan Ammann, CEO of Capital Dynamics, said:
“We are delighted to have completed a project of such significant scale. Capital Dynamics’ cumulative wind power projects now exceed 350 MW in various stages of construction and late-stage development.”
Ric Abel, a managing director with Prudential Capital Group’s Dallas-based Energy Finance Group Power, said:
“Green Pastures is an attractive opportunity for us to partner with Capital Dynamics, a committed partner with an experienced team. This project is the latest example of Prudential Capital Group’s initiative to make mezzanine and equity investments in power projects.”
Green Pastures is Capital Dynamics’ first onshore wind project in the United States and fourth overall, following on the heels of three wind projects in the United Kingdom.