John Laing Group plc, an international originator, active investor and manager of infrastructure projects, says it has invested $20.5 million in the Sterling Wind Power Project in Lea County, N.M. – its first renewable energy project in the U.S.
According to the company, John Laing is investing in 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 wind project will be funded with a construction loan from BayernLB, which will bridge an equity contribution from GE Energy Financial Services.
According to John Laing, 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 13 GE 2.3-116 turbines with a hub height of 80 meters and a rotor diameter of 116 meters.