GE Renewable Energy Selected by Lincoln Clean Energy and I Squared Capital for 250 MW Texas Wind Project, $330 Million in Project Financing Closed
-Project features 100 of GE’s 2.5-116 model wind turbines -Wind farm will be supported by a 20-year extended full service agreement -Expected to generate approximately 1,000,000 megawatt-hours of renewable energy per year, or enough to power the equivalent of 90,000 U.S. homes
SCHENECTADY, N.Y. & NEW YORK--(BUSINESS WIRE)--Lincoln Clean Energy (LCE), a portfolio company of I Squared Capital, announced today the financing of its Willow Springs project, a 250 megawatt wind farm in Haskell County, Texas. GE Renewable Energy (NYSE:GE) will supply the project with 100 of its 2.5-116 wind turbines. Upon entering commercial operations, the wind farm will be supported by a 20-year, extended full service agreement performed by GE.
The $330 million project will receive construction and term financing from Bank of America Merrill Lynch (BAML) and Rabobank as well as long-term tax equity from BAML and BHE Renewables, LLC. Power from the project is contracted under an agreement with Merrill Lynch Commodities.
Lincoln Clean Energy is also currently constructing the 253 megawatt Amazon Wind Farm Texas.
Pete McCabe, President and CEO of GE's Onshore Wind business said, "GE is excited to build on our relationships with Lincoln Clean Energy and I Squared Capital. Once Willow Springs is complete, GE will have commissioned 1,363 megawatts of wind capacity across six wind farms developed by LCE over four years. We look forward to extending our relationship with LCE and I Squared Capital in the future."
Declan Flanagan, Founder and CEO of Lincoln Clean Energy commented, "We are delighted to build on our successful relationship with GE and are well-positioned to execute on our pipeline of more than 1,000 megawatts of advanced-stage development projects across Texas and the Midwest."
"I Squared Capital is proud to be at the forefront of the transition to renewable energy in the United States," commented Adil Rahmathulla, Partner at I Squared Capital. "Part of that requires using proven and reliable technology to maximize generation at our facilities. When fully operational, the new wind farm is expected to generate approximately 1,000,000 megawatt-hours of renewable energy per year, or enough to power the equivalent of 90,000 U.S. homes."
GE's 2X platform is compatible with GE's Digital Wind Farm technology, powered by GE's Predix software. With varying generator ratings, MW and various rotor diameter options, the 2X platform is well-suited for a variety of U.S. wind conditions.
About GE Renewable Energy
GE Renewable Energy is a 10 billion dollar start-up that brings together one of the broadest product and service portfolios of the renewable energy industry. Combining onshore and offshore wind, hydro and innovative technologies such as concentrated solar power, GE Renewable Energy has installed more than 400+ gigawatts capacity globally to make the world work better and cleaner. With more than 12,000 employees present in more than 55 countries, GE Renewable Energy is backed by the resources of the world's first digital industrial company. Our goal is to demonstrate to the rest of the world that nobody should ever have to choose between affordable, reliable, and sustainable energy.
Follow us @GERenewables and www.gerenewableenergy.com.
About Lincoln Clean Energy
Lincoln Clean Energy (LCE) is a leading developer of U.S. wind and solar projects with offices in Chicago, IL and Austin, TX. Since 2011, LCE has developed over 1,500 megawatts of renewable power projects in California, New Jersey, and Texas. LCE is a portfolio company of I Squared Capital and expects to deploy up to $250 million in equity investments through 2018. www.lincoln-clean-energy.com
About I Squared Capital
I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, and transport in the Americas, Europe, and select high growth economies. The firm has offices in New York, Houston, London, New Delhi, Hong Kong, and Singapore.