Starwood seals 211MW Texas project

Private investment firm Starwood Energy Group Global says it has completed agreements to finance and construct the first 211MW phase of its Stephens Ranch project in the Texas Panhandle.

Starwood, based in Connecticut, has awarded a supply contract to General Electric for 1.7-100 wind turbines. The project, to be located 45-miles south of Lubbock, is scheduled for completion in the fourth quarter.

Affiliates of GE Energy Financial Services, Banco Santander and Citi have committed to invest tax equity in the project, and affiliates of Starwood Energy Group have committed 100% of the cash equity.

Santander Bank, NA and Citi are also providing a non-recourse construction debt facility (including a letters of credit facility) totaling approximately $265m. Additional financial details were not disclosed.

"For our first wind investment, we are Log in to read complete article.

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