Update: First Wind adds in Texas
Boston-based developer First Wind has acquired the Floyd County Wind Farm project northeast of Lubbock, Texas, with commercial operation planned in 2015.
It was First Wind's second major Texas wind farm acquisition since September last year.
The seller was a joint venture majority owned by Westerly Wind and minority owned by project developer Tri Global Energy and investors in Floyd County.
The parties did not disclose financial terms of the transaction.
"We are pleased with the sale of Floyd County Wind Farm and the resulting financial gains that the local landowners and community investors will receive," says Tri Global Energy chief executive John Billingsley, Jr.
He adds that Floyd County Wind Farm landowners and community members are "receiving a rate of return of several multiples of their cash investments" and stand to receive "millions of dollars of future wind royalties."
First Wind will build and operate what is now a conventional utility-scale project. Plans call to develop a first 200MW phase and have it in commercial operation in 2015.
The project is qualified for the federal production tax credit. A source close to the deal says that First Wind is “well down the road” to securing an off-take agreement for the power.
A Tri Global official tells Recharge that the project has 500MW potential nameplate capacity.
In September, First Wind acquired the Route 66 wind project in Texas from Westerly Wind and Amarillo-based development partner Big Sky Wind Energy . Route 66 will be up to 200MW in nameplate capacity when built.
Dallas-based Tri Global Energy has 16 other projects it owns in Texas along with local landowners, community investors and managers with 6.5GW potential generating capacity.
Tri Global’s business model allows landowners and the local community share in the equity, profit and royalties generated by their own wind farms.