Scout Clean Energy funds Texas wind farm
Published by Sarah Smith,
Assistant Editor
Energy Global,
Scout Clean Energy (Scout), a portfolio company of Quinbrook Infrastructure Partners and Colorado based renewable energy developer, owner and operator has completed construction and received tax equity funds for the 300 MW Ranchero Wind Farm located in Crockett County, Texas, United States.
Scout started the construction on Ranchero in January 2019. The completion follows the recently announced commencement of construction on Scout's 180 MW Heart of Texas wind farm in McCullough County, Texas. The utility-scale wind power project will utilise 120 of the latest generation GE 2.5 MW wind turbines with 127 m rotors.
RES (Renewable Energy Systems) constructed the project under a balance of plant contract, with the Scout team managing and supervising the overall construction process. During peak construction, there were as many as 200 workers who in total logged over 439 000 hours. As the owner-operator, Scout's asset management team handled day-to-day commercial operations.
According to EPA's Greenhouse Gas Equivalency Calculator, Ranchero will offset over 900 000 lb of CO2 emissions annually, explained Michael Rucker, Chief Executive Officer and founder of Scout Clean Energy. In addition, it is estimated that Crockett County, the local hospital and independent school district are set to receive US$57 million in tax revenue over the life of the project.
Scout secured a proxy revenue swap with Allianz Global Corporate & Specialty's Alternative Risk Transfer unit, in partnership with Nephila Climate. REsurety provided the risk analytics supporting the long-term proxy revenue swap transaction. Construction Financing of US$430 million (including letters of credit) was provided by KeyBank, CoBank-ACB, Rabobank, CIBC, Santander, and Sumitomo Mitsui Trust Bank. KeyBank served as the lead arranger. GE Energy Financial Services underwrote and funded a portion of the tax equity.
Read the article online at: https://www.energyglobal.com/wind/04112019/scout-clean-energy-funds-texas-wind-farm/
You might also like
Octopus Energy invests in Ocergy
Octopus Energy’s generation arm has invested in Ocergy, which aims to make floating offshore wind farms cheaper and faster to build.