Capital Dynamics, GE Energy Financial Services and Morgan Stanley complete financing for 150-MW Briscoe Wind Project
"Briscoe Wind Farm is a large-scale asset in the Texas wind market and we are pleased to partner with two premier financial institutions"
ZUG, Switzerland, January 22, 2015 – Capital Dynamics, a global private asset manager, GE Energy Financial Services and Morgan Stanley are pleased to announce they have completed financing for the 150-megawatt (MW) Briscoe Wind Farm, LLC ("Briscoe Wind Farm") spanning 20,000 acres in Briscoe County, Texas, USA.
Once operational, Briscoe Wind Farm targets providing clean and renewable power generation that is anticipated to cut the equivalent of carbon dioxide emissions from over 890,000 barrels of oil otherwise consumed for the same energy output annually. The resulting electricity is expected to be sold in the Electricity Reliability Council of Texas (ERCOT) electricity market.
Capital Dynamics' Clean Energy and Infrastructure (CEI) team completed tax equity agreements with GE Energy Financial Services and Morgan Stanley, and construction debt and letter of credit agreements with Morgan Stanley to construct the project. Briscoe Wind Farm will utilize 81 General Electric 1.85-87 wind turbines and the project has entered into a 10-year full service agreement with GE to oversee the operation and maintenance of the turbines, with the goal of providing continuity of operations and predictable maintenance costs. The project rights were acquired by Capital Dynamics from juwi Wind and EBW . juwi developed Briscoe Wind Farm and continues to support the project through a Development Services Agreement. Wanzek Construction will construct the facility with commercial operations expected to begin in the second half of 2015.
"Briscoe Wind Farm is a large-scale asset in the Texas wind market and we are pleased to partner with two premier financial institutions, Morgan Stanley and GE Energy Financial Services, to realize this project. We are also grateful for the work from EBW and juwi during the development phase," said John Breckenridge, Managing Director at Capital Dynamics.
"We are pleased to support the efforts of Capital Dynamics and partner with Morgan Stanley to build a clean and reliable project," said Kevin Walsh, Managing Director of Power and Renewable Ener gy at GE Energy Financial Services.
"The financial close of this wind power project highlights the depth of experience our team brings to clean energy power generation, Capital Dynamics' long term commitment to the asset class and the quality of financing partners eager to participate in attractive wind power projects ," said Stefan Ammann, CEO of Capital Dynamics.