Equal Earth to Acquire 20 MW Wind Farm in Texas, Transaction to Augment Existing Portfolio
Equal Earth, a global renewable energy company, today announced its plans to acquire a 20 MW wind farm located in Lubbock, Texas. This transaction is the latest in a series of Equal Earth acquisitions and includes a combination of private equity, tax equity and debt financing.
SAN DIEGO, October 16, 2014 – Equal Earth, a global renewable company, today announced its plans to acquire a 20 MW wind farm located in Lubbock, Texas, a region in West Texas that is particularly well-suited for wind power. Equal Earth expects that the wind turbines will commence commercial operations before year-end, which would deliver attractive investment tax credits for the company.
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This acquisition is the latest in a series of Equal Earth acquisitions that leverages the company's expertise in renewable energy project financing. The deal is part of a broader growth strategy that involves acquiring revenue-generating projects with low operational costs to generate predictable future cash flows and attractive after-tax returns for investors.
"This transaction will compliment our existing portfolio of renewable energy assets and we expect it to deliver the type of returns investors are seeking," stated Equal Earth Chairman, President and CEO, Andrew Duggan. "We view this deal as a long-term win for our investors and as part of a series of acquisitions in line with our growth strategy," added Duggan.
The acquisition includes a combination of private equity, tax equity and debt financing, according to Duggan. The transaction is subject to customary closing conditions and is expected to close before year-end.
Recently, Equal Earth completed its acquisition of First National Solar, a Hawaii-based solar project origination company, and has significantly grown its portfolio of renewable energy projects.
About Equal Earth
Based out of San Diego, Equal Earth is a renewable energy company with a portfolio of assets providing customers lower-cost, environmentally conscious energy solutions. Through alternative energy sources, including solar and wind power, and innovative financing, Equal Earth helps commercial and residential customers to significantly reduce their utility bills. Equal Earth's mission is to "change how we power the world."
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