Quinbrook Closes Financing on 300MW Ranchero Wind Project
- Jan 29, 2019
Quinbrook Infrastructure Partners, a specialist in low carbon energy infrastructure, has closed construction financing and tax equity commitments on a 300-megawatt wind farm through its portfolio company, Scout Clean Energy. The facility, dubbed Ranchero Wind Farm, is currently underway in Crockett County, Texas, and is slated for completion by the end of the year.
The Scout team has been working on the project since inception, and upon completion will utilize 120 GE 2.5-megawatt wind turbines with 617-foot rotors. Allianz Global & Specialty’s Alternative Risk Transfer unit, in partnership with Nephila Climate, has secured a 10-year Proxy Revenue Swap, with REsurety providing the risk analytics supporting the PRS transaction and will also serve as the calculation agent on an ongoing basis.
KeyBank is providing construction financing, including letters of credit, while GE Energy Financial Services underwrote and committed a portion of the tax equity. Scout has entered into a fixed-price balance of construction agreement with RES Americas, with construction management to be undertaken by Harvest Energy Services, an affiliate of the wind developer.
“Ranchero has the potential to be a significant new wind project for the Texas power market and enjoys a strong wind resource. … Including the 200MW Persimmon Creek wind farm recently completed and already operational, Scout’s operating portfolio is targeted to exceed 1 GW within the next 18 months and is well on the way to exceeding our 2 GW growth target by 2021,” David Scaysbrook, co-founder & managing partner of Quinbrook, said in prepared remarks.