Scout Clean Energy has completed construction and received tax equity funds for the 300-MW Ranchero Wind Farm located in Crockett County, Texas. Scout is a portfolio company of Quinbrook Infrastructure Partners.
“Ranchero is our first greenfield project developed from inception through construction and operations since our launch as an owner-operator,” said Michael Rucker, CEO and founder of Scout Clean Energy. “Reaching commercial operations at Ranchero brings Scout’s owned portfolio of wind energy generation in operation and under construction to over 800 MW.”
Scout started construction on Ranchero in January of this year. The completion follows the recently announced commencement of construction on Scout’s 180-MW Heart of Texas wind farm in McCullough County, Texas. The utility-scale wind power project will utilize 120 of the latest generation GE 2.5-MW wind turbines with 127-meter rotors.
“We are very excited to achieve this important milestone for Scout,” said Rucker. “Ranchero will provide clean renewable energy for Texas industry and thousands of homes, as well as up to 10 permanent jobs during operations.”
RES (Renewable Energy Systems) constructed the project under a balance of plant contract with the Scout team managing and supervising the overall construction process. During peak construction there were as many as 200 workers who in total logged over 439,000 hours. As the owner-operator, Scout’s asset management team will handle day to day commercial operations.
“Ranchero is the first project that has been developed, from inception to operation, entirely by the Scout team,” explained Rucker. “Working with Quinbrook and RES, our teams were able to complete construction in 10 months. This is a testament to the great work our Scout team has done with our partners and the local community to get to this point.”
Scout secured a proxy revenue swap with Allianz Global Corporate & Specialty’s Alternative Risk Transfer unit, in partnership with Nephila Climate. REsurety provided the risk analytics supporting the long-term proxy revenue swap transaction. Construction Financing of $430 million (including letters of credit) was provided by KeyBank, CoBank-ACB, Rabobank, CIBC, Santander, and Sumitomo Mitsui Trust Bank. KeyBank served as the lead arranger. GE Energy Financial Services underwrote and funded a portion of the tax equity.