The Stephens Ranch project represents the first of two phases of wind farm development totalling 377MW and utilising GE 1.7-100 turbines. The wind farms will be built by Wanzek Construction and are scheduled for completion in late 2014.
Affiliates of GE Energy Financial Services, Banco Santander and Citi have committed to invest tax equity in the project while affiliates of Starwood Energy have committed 100 percent of the cash equity. Santander Bank N.A. are also providing a non-recourse construction debt facility totalling approximatelyu $265 million.
“For our first wind farm, we are pleased to have assembled a strong team of very experienced lenders, tax equity investors and contractors” said Himanshu Saxena, Managing Director of Starwood Energy Group. “We look forward to working together with the local communities to make this project a success.”
An investment affiliate of Starwood Energy Group acquired the Stephens Ranch from Mesa Power in August 2013. Starwood Energy is a private investment firm based in Greenwich, Connecticut. It specializes in energy infrastructure investments through general opportunity funds and other investment vehicles and to date, with its affiliates, has committed to energy infrastructure transactions of around $3.8 billion in enterprise value.
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