Capital Dynamics has bought a 300-megawatt (MW) onshore wind farm in Texas, marking its first purchase of a wind project in the US following three in the UK, according to a statement.
The purchase will bring the global asset manager’s total wind power project capacity to over 350MW in various stages of construction and late-stage development, its chief executive officer Stefan Ammann said in the statement.
The wind farm, Green Pastures, is scheduled to be completed in two phases and is already under construction, the statement said.
It is located on over 18,000 acres in Baylor and Knox Counties in North Texas and consists of two 150MW phases.
Once commissioned, Green Pastures will generate enough electricity to power 110,000 homes – according to US Environmental Protection Agency methodology – avoiding approximately 813,000 metric tons of greenhouse gas emissions per year, the equivalent of annual emissions from 170,000 passenger vehicles.
Green pastures will connect and sell power to the state’s main power grid operator, the Electric Reliability Council of Texas, and the project has entered into a long-term power price hedge agreement with a large financial institution.
The project has also signed a turbine supply agreement with Acciona Windpower and will utilise 100 AW 116/3000 turbines.
Prudential Capital Group is also providing finance for the purchase, the statement said.
“Green Pastures is an attractive opportunity for us to partner with Capital Dynamics… This project is the latest example of Prudential Capital Group’s initiative to make mezzanine and equity investments in power projects,” Ric Abel, a managing director with Prudential Capital Group’s Dallas-based Energy Finance Group said in the statement.