Starwood Energy Group Global, LLC announced that the 211MW Stephens Ranch Wind Project (Phase I) in Texas reached commercial operation (COD) in November 2014. In addition, tax equity funding closed with affiliates of GE Energy Financial Services and Santander Bank, N.A. Financial details were not disclosed.
Encompassing more than 47,000 acres in Borden and Lynn Counties, approximately 45 miles south of the town of Lubbock, the project commenced construction of 118 GE 1.79-MW wind turbines in December 2013 and was constructed by Wanzek Construction. Stephens Ranch represents the first of two phases that will total 377 MW. The second phase of Stephens Ranch is expected to reach commercial operation in mid-2015.
The project feeds into the CREZ (Competitive Renewable Energy Zone) transmission infrastructure in Texas. The power is sold into the ERCOT (Electric Reliability Council of Texas) power market and supported by a long-term, fixed-price hedge agreement.
"We are pleased to have completed our first wind farm on-time and on-budget," commented Himanshu Saxena, Managing Director of Starwood Energy Group. "This project is a good example of our value-add approach to energy infrastructure development. We remain committed to making more investments in this sector."