BlackRock fund acquires majority interest in 68MW Texas Wind Farm
Brooklyn-based OwnEnergy announced on Monday that it entered into an agreement with a fund managed by BlackRock, whereby BlackRock acquired OwnEnergy's latest project in Windthorst, Texas on December 6, 2013. Once completed, the wind farm will generate 68 megawatts (MW) of wind power on to the state's power grid.
Under the agreement, BlackRock will purchase a majority interest in the Windthorst-2 project, Morgan Stanley and its affiliates will provide construction financing and J.P. Morgan will provide institutional equity. OwnEnergy will maintain a minority ownership interest in Windthorst-2, manage its construction, and oversee operations once it comes online. Construction is scheduled to begin in December 2013, with commercial operations expected in fall 2014.
OwnEnergy Founder and CEO Jacob Susman, said:
"Windthorst-2 is our fifth successful project bringing the total of in-construction and spinning wind farms we've developed to more than 210 megawatts. OwnEnergy's project pipeline now consists of 1,400MW of community-scale wind across 16 states. Adding construction and asset management capabilities to our offering allows us to work directly with world-class financial institutions, like BlackRock, J.P. Morgan, and Morgan Stanley, while creating a lasting connection between them and the energy entrepreneurs who are the cornerstone of our development model."
The Windthorst-2 Project marks the second time OwnEnergy has collaborated with energy entrepreneur, Horn Wind. TheWindthorst, TX family-owned business was established in 2006 to bring wind development to the region. In 2008, OwnEnergy and Horn Wind developed and sold Windthorst-1, now known as the Bobcat Bluff Wind Farm.
"We view the involvement of a financial institution of BlackRock's caliber as reinforcement that OwnEnergy is a permanent, long-term fixture of the US wind industry," continued Susman.
Jim Barry, Managing Director at BlackRock, commented:
"We are pleased to have invested in the Texas wind energy sector and in particular through the Windthorst-2 project. We look forward to developing our relationship with such a high quality asset developer as OwnEnergy."
Once operational, the wind farm will feature 28 Siemens 2.3 MW turbines.
Country news
-
-
December 12, 2013
Alinda invests in Texas-based Howard Midstream Energy Partners
Howard Midstream Energy Partners, LLC (HEP) announced on Monday that investment funds managed by Alinda Capital Partners (Alinda) have acquired a 59 % capital unit interest in Howard. Read more -
December 13, 2013
Macquarie Capital adds Senior VP Infrastructure in Austin
Macquarie Capital, the corporate advisory and capital markets arm of Macquarie Group, yesterday announced the appointment of Christopher Calavitta as a Senior Vice President in its Infrastructure, Utilities and Renewables group. Read more -
December 13, 2013
Aecom names Michael S. Burke as CEO successor
AECOM announced on Wednesday that its board of directors has elected AECOM President Michael S. Burke, 50, to succeed John M. Dionisio, 65, as chief executive officer (CEO), as part of a planned succession process. Dionisio will become executive chairman of the board of directors when Burke succeeds him as CEO, and joins AECOM's board of directors, on March 6, 2014. Read more -
December 16, 2013
UBS International Infrastructure Fund acquires 50 % stake in Texas wind farm
EDF Renewable Energy and UBS International Infrastructure Fund announced last wee that they have signed a definitive agreement under which UBS International Infrastructure Fund will acquire a 50 % equity interest from EDF Renewable Energy in the 161 megawatt (MW) Spinning Spur II wind farm project in Texas, subject to completion of construction and customary conditions precedent. Read more -
December 16, 2013
Pennsylvania launches tender process for bridges replacement P3 project
The Pennsylvania Department of Transportation has launched a Request for Qualification (RFQ) to design, build, finance and maintain a portfolio of replacement bridges across the the state. Read more
