Starwood Energy Group Global, LLC, a leading private investment firm focused on energy infrastructure, announced today that the 211-megawatt (MW) Stephens Ranch Wind Project 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-megawatt 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 windfarm 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.”
“We are thankful to our partners and local communities for their strong support during construction. This project is an important first step in building out our growing pipeline of wind opportunities,” added Alex Daberko, Vice President at Starwood Energy Group.
Stephens Ranch Wind will generate enough electricity to power approximately 65,000 homes – according to US Energy Environmental Protection Agency methodology – avoiding approximately 550,000 metric tons of greenhouse gas emissions per year, the equivalent of the annual emissions from approximately 115,000 passenger vehicles.