Starwood Energy Group Global has announced that an affiliate has completed agreements to finance and construct its first wind farm, a 211MW project 45 miles south of Lubbock, Texas, USA.
The Stephens Ranch project, which represents the first of two phases that will total 377MW, will use GE 1.7-100 turbines and be built by Wanzek Construction, with completion scheduled for late 2014. Affiliates of GE Energy Financial Services, Banco Santander and Citi have committed to invest tax equity in the project, and affiliates of Starwood Energy Group have committed 100% of the cash equity. Santander Bank and Citi are also providing a non-recourse construction debt facility (including letters of credit facility) totalling approximately US$ 265 million. Additional financial details were not disclosed.