Ecofin US Renewables enters deal to acquire 60 MW Whirlwind wind project in Texas
Ecofin US Renewables Infrastructure Trust PLC has entered into a deal to acquire the 60 MW Whirlwind wind project in Texas that has been in operation since 2007. The deal is expected to close before the end of October.
The transaction is about US$49 million that will be funded through Ecofin's remaining proceeds from its US$250 million initial public offerings (IPO) in late 2020 and a revolving credit facility of US$65 million.
The wind project was developed by RES Group. It consists of 26 Siemens 2.3 Mk2 turbines installed in Floyd County and has structured a long-term service and maintenance agreement with Siemens Gamesa. The project has more than six years remaining on the initial contract of its investment-grade power purchase agreement with an electric utility.
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