SunEdison Closes $390 Million of Financing for 300 MW Wind Farm in Texas

published: 2015-08-06 18:01 | editor: | category: News

SunEdison has closed financing and begun construction on one of its largest wind farms to date, the 300MW South Plains II wind farm in Floyd County, Texas, which is expected to generate approximately 1,200 GWh of energy per year.

The project is being built by Mortenson Construction, one of the nation's top wind farm builders; and the wind turbines are being supplied by Vestas.

"The South Plains II wind power facility will have a positive economic impact for the people of Texas," said Paul Gaynor, SunEdison's executive vice president of Americas and EMEA. "This is expected to become one of SunEdison's largest wind projects, creating about 300 construction jobs and ensuring that thousands of Texans have access to clean, cost-effective electricity."

Citi provided the construction loan facilities for the project and BHE Renewables, a subsidiary of Berkshire Hathaway Energy, in partnership with Citi, will invest in the tax equity. Hewlett-Packard plans to purchase 112 MW of the wind farm's capacity to power 100% of its Texas-based data centers as part of the company's sustainable cloud initiative. The remaining 188 MW capacity will be sold to an affiliate of Citi.

Construction is targeted for completion in 2016. The wind farm is on the Call Right Projects List for TerraForm Power, Inc. TerraForm Power anticipates acquiring the project once complete.

Operation and maintenance of the wind power plants will be performed by SunEdison Services, which provides global asset management, monitoring and reporting services.

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