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EDF Renewable Energy’s 161MW Spinning Spur II Wind Project in Texas has reached commercial operation (COD). Meanwhile, the company also closed the structured equity financing from GE Energy Financial Services and MUFG Union Bank, N.A. The completion of construction and COD milestone allows the closing of the sale of 50% of EDF Renewable Energy’s equity interest in the project to UBS International Infrastructure Fund. Financial details were not disclosed.
Spinning Spur II is UBS International Infrastructure Fund's sixth investment and its second renewables acquisition. It commenced construction of 87 GE 1.85MW, 87-meter rotor wind turbines 40 miles west of Amarillo in June 2013. The power is sold pursuant to an 11-year purchase agreement. The project is one of the first to feed into the new CREZ (Competitive Renewable Energy Zone) transmission infrastructure which enables access to the strong renewable resources of West Texas and the Texas Panhandle and delivery of the wind energy resource to the high electricity demand areas in the state. Texas leads the country in installed wind capacity with 12,300 MW, enough clean electricity to power 3.3 million average homes in the United States.
“The announcement today exemplifies EDF Renewable Energy’s strategy to develop renewable energy projects with strong local community support, and first tier equipment suppliers and contractors, and then invite the investment from longstanding financial partners,” commented Tristan Grimbert, President and CEO of EDF Renewable Energy. With the Spinning Spur II project in operation, the Group’s installed capacity since entering the Texas market in 2012 reaches 472 MW with another 700 MW in late-stage development.
Kevin Walsh, Managing Director of Power and Renewable Energy at GE Energy Financial Services, added, “Our investment in this well-structured project supports the growth of EDF Group, an important worldwide GE customer, as well as our strategy to grow by combining expertise, capital, and technology.” GE Energy Financial Services holds a portfolio of approximately 12 GW of wind power projects in operation or under construction.
Spinning Spur II will generate enough electricity to power approximately 44,000 homes. EDF Renewable Services will provide long-term operations and maintenance for the facility, balance of plant, project oversight, and 24/7 remote monitoring from its NERC compliant Operations Control Center (OCC). By now, EDF Renewable Services provides O&M services to more than 7.4 GW of renewable energy projects across North America.