Through a fund managed by BlackRock, the investment company has bought a majority interest in OwnEnergy's 68 MW Windthorst-2 wind project in Texas.
Under the agreement, BlackRock will purchase the majority interest, Morgan Stanley and its affiliates will provide construction financing, and J.P. Morgan will provide institutional equity. OwnEnergy will maintain a minority ownership interest in Windthorst-2, manage its construction and oversee operations once it comes online.
OwnEnergy expects the project to create 95 to 125 temporary construction jobs and five to seven long-term positions during the operation of the wind farm. In addition, the company says the Windthorst-2 project will bring approximately $42.8 million in economic impact to the region.
‘We are pleased to have invested in the Texas wind energy sector and, in particular, through the Windthorst-2 project," comments Jim Barry, managing director at BlackRock. "We look forward to developing our relationship with such a high-quality asset developer as OwnEnergy.’
Construction is scheduled to begin this month, with commercial operations expected in fall 2014. The wind farm will feature 28 Siemens 2.3 MW turbines.