First Wind deepens Texas ties
A subsidiary of Boston-based developer First Wind has acquired the interests of Floyd County Wind Farm LLC in the South Plains community wind project to be located northeast of Lubbock, Texas.
Financial terms of the transaction were not made public. First Wind will build and operate the project.
Dallas-based Tri Global Energy formed Floyd County Wind Farm in 2010, one of 17 projects it owns in Texas along with local landowners, community investors and managers with 6.5GW potential generating capacity.
In March 2012, Tri Global, Floyd County Wind Farm LLC and Westerly Wind, a Massachusetts-based developer, formed South Plains Wind Energy LLC to develop a two-stage, project up to 500MW.
"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 says 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."
In September 2013, First Wind acquired the Route 66 wind project in Texas from Westerly Wind and a development partner. Route 66 will be up to 200Mw in nameplate capacity.