Terna Energy, a Greek utility part of the GEK Terna Group of companies, has signed a cooperation agreement with Copenhagen Infrastructure Partners (CIP) regarding the utility’s investment plan in renewable energy sources in the U.S.
According to Terna Energy, the first phase of the agreement’s implementation concerns the 155.4 MW Fluvanna I wind farm, currently being built in Scurry County, Texas.
As reported, CIP will contribute $61 million to cover part of the development cost, with the total project investment exceeding $250 million. Goldman Sachs will also be participating, contributing funds of up to $150 million during operation, while financing during construction will be covered by a group of banks, including HSBC, NordLB, Morgan Stanley and Rabobank.
The company says that Fluvanna I will feature Gamesa wind turbines and is expected to commence commercial operations in the fourth quarter of 2017. Under the terms of the agreement, Gamesa will deliver and commission the turbines and supply operations and maintenance for five years.
Terna Energy already operates a wind park of 138 MW in Elmore County, Idaho, and it is pursuing additional investments in the U.S. renewables market, including the construction of another wind park (Fluvanna II, 130 MW).
The total installed capacity of the Terna Energy Group accounts for 738 MW, with installations of 468 MW in Greece, 138 MW in the U.S., 102 MW in Poland and 30 MW in Bulgaria. Further, the group operates, is constructing or has full licensing of 980 MW of RES installations in Europe and America.