Tri Global Energy has sold its 380 MW Fluvanna Wind Energy Project, located in Fluvanna, Texas, to Terna Energy SA.
Terna Energy SA, based in Athens, Greece, is a developer, owner and operator of 885 MW of renewable energy projects in operation or under construction in Europe and the U.S.
Comprising nearly 32,000 leased acres of privately owned farm and ranch land, the Fluvanna Wind Energy Project is expected to be constructed in phases with the first phase expected to be operational in 2017.
The Fluvanna Wind Energy Project was developed under Tri Global Energy's proprietary business model, which allows local landowners and community investors with the opportunity to partner with and have a substantial ownership in the wind project development that leased their land.
As the project's founder and developer, Tri Global evaluated the potential of the site, considering the wind resource quality, ability to obtain permits, access to transmission, impact on the surrounding environment and consistency with current land uses.
Once the project achieves commercial operation, it will use the Competitive Renewable Energy Zone's transmission system.
Under the terms of the agreement, Tri Global Energy and Terna will partner during the construction phase, up to the time when the project reaches commercial operation.