EDF Renewable Energy has begun commercial operation of 161MW Spinning Spur II wind project in Texas, US.
The company has also closed equity financing from GE Energy Financial Services and MUFG Union Bank for the project.
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The two milestones will allow EDF to hand over 50% of its stake in the wind project to UBS International Infrastructure Fund.
Located 40 miles west of Amarillo, Spinning Spur II features 87 GE 1.85MW, 87m rotor wind turbines. It will generate enough electricity to power approximately 44,000 homes and help in avoiding approximately 332,000 metric tons of greenhouse gas emissions a year.
The electricity generated at the wind farm will be sold under 11-year purchase agreement.
EDF Renewable Energy president and CEO Tristan Grimbert said the wind farm reflects EDF Renewable Energy’s strategy to develop renewable energy projects and then invite investment from longstanding financial partners.
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By GlobalData"EDF RE will retain substantial ownership in the facility and bring our expertise in operations and maintenance through EDF Renewable Services to optimize long-term investment profitability," Grimbert said.
EDF Renewable Services will provide long-term operations and maintenance for the facility, balance of plant and project oversight.
UBS International Infrastructure FundAmericas head Floyd Gent said: "Our investment in Spinning Spur II demonstrates our commitment to seek out infrastructure projects which generate stable, long term returns for the Fund consistent with our investment objective."
Image: EDF’s 161MW Spinning Spur II wind project in Texas. Photo: ©2014 General Electric Company.
