Greenwich, Conn.-based Starwood Energy Group Global LLC, a private investment firm focused on energy infrastructure, has finalized agreements to finance and construct the 100 MW Northwest Ohio Wind Project in Paulding County, Ohio.
The project, which will use GE 2.5-116 wind turbines, is contracted to sell 100% of its output to General Motors, pursuant to a long-term power purchase agreement. Construction, expected to be completed in fall 2018, will be performed by White Construction Inc.
An affiliate of Citi has committed to provide tax equity for the project, and Rabobank will provide the construction and term debt. Additional financial details have not been disclosed.
“We are excited to have assembled a great team of trusted partners for Northwest Ohio Wind,” comments Alex Daberko, principal of Starwood Energy Group. “We look forward to continued collaboration with the local community to make this project successful.”
Starwood Energy Group acquired the rights to the Northwest Ohio project in October 2014 from developer Trishe Resources Inc.
“Citi is proud to support Starwood Energy and the Northwest Ohio Wind Project,” comments Marshal Salant, global head of alternative energy finance at Citi. “This innovative partnership highlights Citi’s commitment to sustainable growth and to financing the development of clean renewable energy infrastructure.” The transaction also contributes to Citi’s $100 billion Environmental Finance Goal to support environmental solutions and accelerate a global transition to a low-carbon economy.