Renewables developer Lincoln Clean Energy (LCE), a portfolio company of I Squared Capital, has received financing for its Willow Springs project, a 250 MW, GE-powered wind farm in Haskell County, Texas.
The $330 million project will receive construction and term financing from Bank of America Merrill Lynch (BAML) and Rabobank, as well as long-term tax equity from BAML and BHE Renewables LLC. Power from the project will be contracted under an agreement with Merrill Lynch Commodities.
“When fully operational, the new wind farm is expected to generate approximately 1,000,000 MWh of renewable energy per year – or enough to power the equivalent of 90,000 U.S. homes,” notes Adil Rahmathulla, partner at I Squared Capital.
GE Renewable Energy will supply the project with 100 of its 2.5-116 wind turbines. Upon entering commercial operations, the wind farm will be supported by a 20-year, extended, full-service agreement performed by GE.
“Once Willow Springs is complete, GE will have commissioned 1,363 MW of wind capacity across six wind farms developed by LCE over four years,” says Pete McCabe, president and CEO of GE’s onshore wind business. “We look forward to extending our relationship with LCE and I Squared Capital in the future.”
“We are delighted to build on our successful relationship with GE and are well positioned to execute on our pipeline of more than 1,000 megawatts of advanced-stage development projects across Texas and the Midwest,” adds Declan Flanagan, founder and CEO of LCE, which is also currently constructing the 253 MW Amazon Wind Farm Texas.