Northleaf Capital Takes Texas-Size Renewable Portfolio
- Jul 22, 2016
Located in Texas, the portfolio includes two wind farms in Floyd County: Cotton Plains Wind, a 50.4-megawatt facility, and and Old Settler Wind, which has a 151.2-megawatt generating capacity. The third component is Phantom Solar, a 15.4-megawatt project under construction at the U.S. Army Garrison Fort Hood in Killeen.
“Direct investments in fully contracted wind and solar assets are on strategy for Northleaf’s program, as they offer predictable long-term cash flows and returns for our investors,” said Jared Waldron, a director at the Toronto-based investment management firm, in a statement. “The partnership with Apex is very strategic to us, given its track record as a leading renewable energy company.” Financial details of the transaction were not disclosed.
Under terms of a deal announced in January, the Defense Logistics Agency, which handles a wide range of procurement duties for the U.S. military, will buy power for Fort Hood from Cotton Plains and Phantom Solar. Old Settler Wind will generate enough energy to power 51,000 average U.S. homes. Apex will provide asset management services for all three facilities.
“The project achieves a number of ‘firsts,’ with on-site solar and off-site wind creating a hybrid solution to provide more than 50 percent of the annual load at Fort Hood, and at the same time saving taxpayers an estimated $168 million in direct energy costs over the life of the project,” added Mark Goodwin, president of Charlottesville, Va.-based Apex.
The balance-of-plant contractor on the wind projects is Fagen Inc., while Phoenix Solar is leading construction on the solar component. Upon completion, the wind projects will incorporate 84 GE 2.4-megawatt turbines between them.
Image courtesy of Apex Clean Energy