John Laing Group plc, the international originator, active investor and manager of infrastructure projects, has announced its first investment in the renewable energy sector in the United States.
John Laing is investing US$20.5 million in the Sterling Wind Power Project in Lea County, New Mexico in a partnership with Akuo Energy USA, Inc, the developer and operator of the project. In addition to John Laing’s equity investment, the construction of the Sterling Wind Power Project will be funded with a construction loan from BayernLB which will bridge an equity contribution from GE Energy Financial Services. The project is expected to be completed in the third quarter of 2017 and will benefit from a 15 year fixed price power purchase agreement from a regional utility.
Total installed capacity for the Sterling Wind Power Project will be 29.9 MW from thirteen GE 2.3-116 turbines, with a hub height of 80 metres and a rotor diameter of 116 metres.