UBS International Infrastructure Fund acquires 50 % stake in Texas wind farm

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
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.

EDF Renewable Energy will remain in charge of development, construction and tax-equity financing until commercial operation is achieved; then EDF Renewable Services will bring in their expertise in operations and maintenance to optimize both partners' long-term investment profitability.

Spinning Spur II, located in Oldham County Texas, commenced construction in June 2013 with an expected COD (Commercial Operation Date) on or about July 1, 2014. Spinning Spur II will utilize 87 General Electric (GE) wind turbines with a rated capacity of 1.85 MW each. The project will be one of the first to take advantage of the new CREZ (Competitive Renewable Energy Zones) transmission lines connecting the wind generating capacity of the Texas Panhandle to high electricity demand areas in the state.

Raphael Declercq, EDF Renewable Energy's Director of Divestiture and Portfolio Management, said:

"The transaction model allowed EDF Renewable Energy to team up with a strong partner like UBS Infrastructure early in the project lifecycle. EDF Renewable Energy will remain in charge of development, construction and tax-equity financing until commercial operation is achieved; we will then bring in our expertise in operations and maintenance through EDF Renewable Services to optimize both partners' long-term investment profitability."

Spinning Spur II will be UBS International Infrastructure Fund's sixth investment and its second renewables acquisition. Floyd Gent, Head of Americas for UBS International Infrastructure Fund said:

"We are delighted to announce the Fund's future investment in Spinning Spur II. With this investment, we recognize the experience and successful track record of EDF Renewable Energy in North America and other global markets and look forward to the completion of construction and operation of this important renewable energy project with our partner in the years ahead. Spinning Spur II, upon completion of its construction, is expected to generate stable, long term returns for the Fund, consistent with our investment objective."

UBS International Infrastructure Fund, managed by UBS Global Asset Management, is a $1.5 billion specialist OECD infrastructure investment fund which, in addition to its pending investment in Spinning Spur II, owns investments in Gassled through its Njord Gas Infrastructure company, Collgar Wind Farm (a 206 megawatt wind farm in Australia), Northern Star Generation (a 1,402 megawatt portfolio of power stations in the United States), Saubermacher (a waste management business serving central and eastern Europe based in Austria) and Southern Water (a water and sewerage company serving southeast England).

List of country news

Country news

  • 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
  • December 17, 2013

    Six teams respond to the RFQ for Maryland light rail P3 project

    Maryland Department of Transportation / Maryland Transit Administration (MDOT / MTA) last week announced six private-sector teams responded to a Request for Qualifications to design, build, construct, finance, operate and maintain the Purple Line in Montgomery and Prince George's counties under Maryland's newly adopted Public-Private Partnership (P3) law. Read more
  • December 18, 2013

    IFM Investors to invest $1.3 billion in Freeport LNG terminal

    Freeport LNG Expansion, L.P. and IFM Investors announced on Monday that IFM Investors has entered into an agreement to invest approximately $1.3 billion of equity funding for Freeport LNG's proposed natural gas liquefaction and LNG loading facility on Quintana Island near Freeport, Texas. The facility involves the development of three liquefaction plants, also known as "trains". Read more
  • December 23, 2013

    Indianapolis launches RFQ for courthouse P3 project

    The city of Indianapolis has launched a Request for Qualifications for a public-private partnership project that will involve the construction of the new Marion County criminal justice complex. Read more
  • December 23, 2013

    Blackstone Energy fund buys power plants in Texas

    Centrica plc's North American subsidiary, Direct Energy, has agreed to sell its Texas gas-fired power stations to Blackstone Energy Partners for $685 million in cash. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.