Falvez Energy Completes Financing with GE Energy Financial Services for 163-MW Texas Wind Farm
Falvez Energy has closed the financing of the Falvez Astra Wind Project in Texas, its first utility scale wind project. GE (NYSE:GE) unit, GE Energy Financial Services, provided the construction financing, which will enable the construction of the 163-megawatt wind farm. Additionally, GE Energy Financial Services and BNP Paribas SA will each provide 50% of the long-term tax equity for the project.
The project is located in Randall, Castro, and Deaf Smith Counties, in the Texas Panhandle, approximately 30 miles south of Amarillo. The project property is comprised of approximately 11,000 acres on land historically used for ranchland and agricultural purposes. It is considered to be in the western part of the Competitive Renewable Energy Zone (CREZ) in Texas, which provides renewable energy generation produced in west Texas access to major transmission lines that serve eastern Texas load areas including Dallas, Houston, and San Antonio.
The project was designed and is being constructed to utilize 68 GE 2.4-107 wind turbine generators with advanced performance, reliability and output. The main power transformer is also being supplied by GE. The renewable energy generated by the project will be transmitted through a new 14-mile 345 kV transmission line to the Sharyland Utilities Windmill Substation, and via the Electric Reliability Council of Texas (ERCOT). The day-to-day operations and maintenance services for the project will also be provided by GE under a 10-year Full Service Agreement.
“The financial closing is a testament to the strong partnership amongst GE, BNP Paribas and Falvez Energy, and the beginning of an excellent long-term strategic relationship for future wind projects,” comments Hossein Fateh, Principal of Falvez Energy. Falvez Energy, along with the sister company, WindHQ, is currently pursuing a number of wind energy projects in the Americas, including in Tamaulipas, Mexico, and the Eastern United States. “This achievement is the result of close cooperation with the parties participating as a single motivated team to get to the finish line. GE’s approach to a one-stop shop enables this project to become a reality,” comments Leandro Alves, Principal of Falvez Energy.
Kevin Walsh, Managing Director and Head of U.S. Renewables, GE Energy Financial Services, said “We are pleased to establish a new relationship with Falvez Energy and build upon our strong global renewable energy footprint in support of projects that use GE’s technology.”GE Energy Financial Services has committed to invest approximately $9.5 billion in wind energy projects that generate more than sixteen gigawatts of power globally.
Phil Mintun, Head of BNP Paribas Capstar Partners U.S. added, “We are pleased to participate in this important project sponsored by Falvez and to work alongside GE Energy Financial Services in making this investment. This transaction represents an important milestone in BNP Paribas’ commitment to financing renewable energy projects around the globe.”Falvez Energy’s vision is to bring institutional investors to renewable energy projects, where its goal, from day one, is to have projects that are sufficiently attractive to warrant long-term investment.
