Starwood Energy Group Global, a Connecticut-based private investment firm, has completed agreements to finance and construct the second phase of its 377 MW Stephens Ranch wind farm complex in Texas.
The 165 MW Stephens Ranch II project is located 45 miles south of Lubbock and will use GE 1.7-100 turbines. Wanzek Construction will build the project, with completion scheduled for mid-2015.
Affiliates of Citi, Morgan Stanley and MUFG have committed to invest tax equity in Stephens Ranch II, and affiliates of Starwood Energy Group have committed 100% of the cash equity. Affiliates of Citi, Morgan Stanley and MUFG are also providing a non-recourse construction debt facility (including a letters of credit facility) totaling approximately $207 million. Affiliates of MUFG will act as administrative agent, collateral agent, and depositary bank.
‘We are pleased to have assembled a team of very experienced partners for this project,’ says Himanshu Saxena, managing director of Starwood Energy Group. ‘We remain committed to this sector as we continue to look for new investment opportunities. Continued federal support for wind projects is a key enabler for such investments as the nation transitions to a greener economy.’