Wind Energy Gets $500 Million Loan to Build Texas Power Line

Wind Energy Transmission Texas LLC, a joint venture of Brookfield Asset Management Inc. and Isolux Corsan Concesiones SA, arranged a $500 million loan to build 378 miles (608 kilometers) of power lines in west Texas. Next month, more wind turbines will begin due to newly announced loan financing for one company.

The company expects to begin construction next month. The five 345-kilovolt substations and transmission lines will connect wind farm plants in 12 west Texas counties to the grid. The funding was provided by a group of banks that Wind Energy Transmission Texas did not name.

The lines will expand to 18 gigawatts the region’s transmission capacity for wind power, from 10 gigawatts now, Wayne Morton, general manager of Wind Energy Transmission Texas, said in an interview.

Isolux Ingeniería USA, LLC was selected by WETT as the Engineering Procurement and Construction contractor. The new facilities and transmission lines will bring clean, renewable wind energy from West Texas to the major metropolitan areas throughout the state.

“Our team has the expertise and has an international reputation for quality engineering, construction, operation and maintenance. By finalizing our financing, WETT will help ensure Texas remains a global leader in wind energy, while creating jobs in West Texas over the next several years,” stated Wayne Morton, General Manager for WETT.

WETT was originally awarded a contract by the Public Utility Commission of Texas to construct, operate and maintain high-voltage transmission lines in 12 West Texas counties as part of the Texas Legislature’s Competitive Renewable Energy Zone (“CREZ”) project. The completion date for this contract is 2013.

Construction activities will begin next month. The facilities are on schedule for completion in the second quarter of 2013.

Wind Energy Transmission Texas, LLC, [WETT] is a joint venture between two worldwide leaders in electric transmission development – Brookfield Asset Management and Isolux Corsán Concesiones – who have come together to build and operate high-voltage greenfield transmission lines in Texas. WETT’s members have an international reputation for quality engineering, construction, and service, and WETT will use its worldwide experience and global resources to speedily deliver a superior product, providing Texans with the best transmission value and service available in the world.