The project’s tax-equity investors – Citi, Morgan Stanley, and MUFG – will provide a non-recourse construction debt facility worth $207m, with Starwood putting up all of the necessary cash equity.

Finance was clinched earlier this year for the 211MW first phase at the Stephens Ranch complex, which is currently under construction some 30km outside of Lubbock, TX.

The tax-equity investors and construction-loan lenders for the first phase were Citi, GE Financial Services and Banco Santander.

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