Equal Earth, a San Diego-based diversified clean energy company, has announced its plans to acquire a 20 MW wind farm located in Lubbock, Texas. The company did not provide details about the project but says it expects the wind farm to come online before year-end.
According to Equal Earth, the deal is part of a broader growth strategy that involves acquiring revenue-generating projects with low operational costs to generate predictable future cashflows and attractive after-tax returns for investors.
"This transaction will complement our existing portfolio of renewable energy assets, and we expect it to deliver the type of returns investors are seeking," states Andrew Duggan, Equal Earth' chairman, president and CEO. "We view this deal as a long-term win for our investors and as part of a series of acquisitions in line with our growth strategy."
The acquisition includes a combination of private equity, tax equity and debt financing, according to Duggan. The deal is subject to customary closing conditions and is expected to close before year-end.