Quebec-based Innergex Renewable Energy Inc. has begun commercial operation of its 350.3 MW Foard City wind farm in Texas.
Located in Foard County in north Texas, the project consists of 139 GE wind turbines over 31,449 acres.
The wind farm benefits from a 12-year, 300 MW power purchase agreement with Vistra Energy. The remainder of the project’s output will receive a merchant market price.
“The commissioning of Foard City is an important milestone for us, as it is the largest wind farm project ever built by Innergex,” comments Jean Trudel, chief investment and development officer at Innergex. “With three wind farms now in operation in Texas, as well as one solar photovoltaic project on the way, we’ll have an impressive installed capacity of more than 1,000 MW in the Lone Star State. With even more solar projects currently in development in Hawaii and Ohio, we’re continuing our growth by strategically strengthening our presence in the United States.”
A construction loan of $290.9 million was repaid by a $282.3 million tax equity investment, with $23.4 million converted into a seven-year loan facility with a 10-year amortization period.
The project will benefit from 100% of the federal production tax credit, representing $0.025/kWh of electricity produced for the first 10 years of operation. This amounts to an after-tax benefit of approximately $32.6 million per year, adjusted by inflation annually, and coupled with other tax attributes, it will support the $282.3 million tax equity investment.
