Starwood Energy Group Global, LLC, a leading private investment firm focused on energy infrastructure, announced that it has finalized agreements to finance and construct the 100 Megawatt (MW) Northwest Ohio Wind Project located in Paulding County, OH.
The project, which will utilize GE 2.5-116 wind turbines, is contracted to sell 100% of its output to General Motors pursuant to a long-term power purchase agreement. Construction will be performed by White Construction, Inc. and is expected to be completed in fall 2018.
An affiliate of Citi has committed to provide tax equity for the project and Rabobank will provide the construction and term debt. Additional financial details were not disclosed.
“We are excited to have assembled a great team of trusted partners for Northwest Ohio Wind,” said Alex Daberko, Principal of Starwood Energy Group. “We look forward to continued collaboration with the local community to make this project successful.”
Starwood Energy Group acquired the rights to the Northwest Ohio Project in October 2014 from developer Trishe Resources, Inc.
“Citi is proud to support Starwood Energy and the Northwest Ohio Wind Project,” said Marshal Salant, Global Head of Alternative Energy Finance at Citi. “This innovative partnership highlights Citi’s commitment to sustainable growth and to financing the development of clean renewable energy infrastructure.” The transaction contributes to Citi’s $100 billion Environmental Finance Goal to support environmental solutions and accelerate the global transition to a low-carbon economy.
“Rabobank is proud of our ongoing relationship with the Starwood Energy team,” said Tony Muoser, Managing Director of Rabobank’s Project Finance Group. “We are excited to partner with Starwood again and contribute to the successful completion of this project.”