I Squared Capital subsidiary Lincoln Clean Energy has reached financial close to develop a $330 million wind farm for GE Renewable Energy.
The 250MW Willow Springs project in Haskell County, Texas has received construction and term financing from Bank of America Merrill Lynch (BAML) and Rabobank. BAML and Berkshire Hathaway Energy have also provided long-term tax equity, while GE Renewable Energy said it will supply its turbines for the project.
With this project, Lincoln Clean Energy has now put in operation or is developing 1,363MW of wind capacity across six wind farms for GE over four years.
Lincoln Clean Energy is also currently developing 253MW wind project in Texas for Amazon Web Services. The company said in a statement it plans to deploy up to $250 million in equity investments through 2018.
New York-based I Squared, an infrastructure investment manager, purchased Lincoln Clean Energy in January 2016 to serve as its development arm for wind and solar projects in North America. In February, I Squared broadened its renewables presence in Asia with the creation of two subsidiaries focused on solar and district heating.
Asia Cube Solar was launched to invest in both ground-mounted and rooftop solar projects, and has already purchased five assets with a combined 143MW capacity. Asian Cube Energy is a district heating platform that has two 30-year concession agreements to design, build and operate CHP facilities in the Chongqing and Zhejiang provinces.
Both companies were established as part of the ISQ Global Infrastructure Fund, I Squared’s debut infrastructure vehicle, which closed on $3 billion in April 2015, above its $2 billion target.