Sammons Renewable Energy (SRE) has announced its acquisition of the 238 MW Rio Bravo wind project from Longroad Energy Holdings LLC.
Located in Starr County, Texas, Rio Bravo includes 66 Vestas V136-3.6 MW turbines. The project is currently under construction and is expected to achieve commercial operations next summer.
SRE, whose assets are managed by Franklin Park, invests in and develops renewable energy projects in the U.S., Canada and Mexico. Rio Bravo is the second wind farm acquired by SRE, bringing the wind portion of the company’s portfolio to 400 MW. Franklin Park identified and assisted with the structuring and closing of the acquisition, and a subsidiary of Berkshire Hathaway Energy will provide tax equity financing for the project.
“The acquisition of Rio Bravo is another step towards achieving our long-term growth goals for SRE and towards securing our position as a presence in the North American renewables market,” says Heather Kreager, CEO of Sammons Enterprises Inc., the parent company of SRE. “We look forward to the completion of the construction phase of this project and to providing clean energy to the Texas market.”
According to Tom Tribone, CEO of Franklin Park, SRE’s wind, solar and hydro portfolio now totals more than 800 MW.
“We look forward to continuing to identify and acquire compelling renewable power projects in North America in order to continue growing the portfolio,” Tribone adds.
The transaction closed on Dec. 11. Akin Gump Strauss Hauer & Feld provided legal advice, and Leidos provided engineering advice to SRE and Franklin Park. Longroad will provide construction management, asset management, and operations and maintenance services for the wind farm. Franklin Park will manage the Rio Bravo project on behalf of SRE.
Financial details of the deal were not disclosed.
