Tri Global Energy (TGE) has reached an agreement to sell the 360 MW Canyon Wind project to Silverpeak, an alternative investment firm focused on real estate, energy and credit.
Originated by TGE through its proprietary community sponsorship business model, the Wind Force Plan, the Canyon Wind project occupies over 38,000 acres of flat farm and ranch land with nearly 150 participating landowners. TGE will maintain its role as the lead developer through project financing and construction.
“Among West Texas’ greatest assets are world-class wind and the many benefits wind energy brings to the region. We are excited about reaching this new milestone for our Canyon Wind energy project,” says John Billingsley, chairman and CEO of TGE. “We look forward to an active partnership with Silverpeak. Texas continues to be a great place to do business for the development of the growing clean energy pipeline.”
“It is a pleasure to partner with Tri Global, an experienced renewable energy developer that has already brought value to the project,” adds Santosh Raikar, managing partner at Silverpeak and head of the firm’s renewables group. “We are particularly excited about this development being situated on the ‘right’ – or eastern – side of ERCOT West, which is devoid of transmission congestion that could affect the pricing and return for producing reliable, economical and eco-friendly electric power.”