RWE Renewables, a global renewable energy company, has completed the successful tax equity financing of its 220 MW Cranell Onshore Wind Farm in Refugio County, Texas.
The company secured tax equity financing with JPM Capital Corp. upon the Cranell project achieving commercial operation in the third quarter.
“We are proud of our record of working hand-in-hand with the communities where our renewables projects are located throughout our many years of experience in the U.S. onshore wind industry,” says Silvia Ortin, COO of onshore wind and solar PV Americas at RWE. “In addition to hiring many of the permanent positions from the local region, Cranell brings significant benefits to the local economy.”
During the next 30 years, Cranell is projected to generate more than $50 million in property taxes for Refugio County, Bee County, Woodsboro Independent School District and Skidmore-Tynan Independent School District. This additional revenue will support essential county services and local schools.
The project is powered by 100 Vestas 2.2 MW turbines. With the addition of Cranell, RWE operates 25 onshore wind farms in the U.S. with a total installed capacity of more than 4,200 MW (RWE’s pro-rata share is about 3,600 MW).
Cranell is the second of RWE’s U.S. onshore wind projects to come online this year with a remarkable safety record, going more than 434,000 work hours without a recordable safety incident. Already in March, Peyton Creek (151 MW), also in Texas, achieved commercial operation after completing construction incident-free.