Full notice to proceed has been reached for the 238 MW Rio Bravo wind project in Texas
Longroad confirms that full notice to proceed has been reached on the 238 MW Rio Bravo wind project in Texas. Approximately 80% of the electricity has been sold on long-term contract to Citigroup Energy. Construction has commenced and commercial operations date is anticipated in June 2019.
Funding of the US$300 million construction cost has been committed, including US$200 million by a consortium of lenders and US$100 million by Longroad as equity. The project is eligible for U.S. federal tax credits and will create renewable energy certificates. Infratil and the New Zealand Superannuation Fund have each provided US$45 million to enable Longroad to provide its equity commitment for the construction. Longroad is currently evaluating long-term options for the project given the demand for high-quality contracted renewable asset.
Located in Starr County, the project involves the installation of 66 Vestas 3.45 MW V136 wind turbines, adding up to a total capacity of 238 MW.
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