UBS International Infrastructure Fund has signed an agreement to acquire a 50 percent equity interest in the 161 megawatt (MW) Spinning Spur II wind farm project from EDF Renewable Energy.
Located in Oldham County Texas, Spinning Spur II has an expected COD (Commercial Operation Date) on July 1, 2014 and will leverage 87 General Electric (GE) wind turbines with a rated capacity of 1.85 MW each.
EDF Renewable Energy is an U.S. independent power producer covering all range of services from project development, management to operations and maintenance. As per the definitive agreement this acquisition is subject to completion of construction and customary conditions precedent
“EDF Renewable Energy will remain in charge of development, construction and tax-equity financing until commercial operation is achieved,” said Raphael Declercq, EDF Renewable Energy’s director of Divestiture and Portfolio Management. “We will then bring in our expertise in operations and maintenance through EDF Renewable Services to optimize both partners’ long-term investment profitability.”
The 161 megawatt (MW) Spinning Spur II wind farm project will use the new CREZ (Competitive Renewable Energy Zones) transmission lines that connect the wind generating capacity of the Texas Panhandle to high electricity demand areas in the state.
UBS International Infrastructure Fund is a USD 1.5 billion specialist OECD infrastructure investment fund. Spinning Spur II is UBS International Infrastructure Fund's second renewables acquisition and its sixth investment.
“We are delighted to announce the Fund’s future investment in Spinning Spur II,” said Floyd Gent, head of Americas for UBS International Infrastructure Fund. “Spinning Spur II, upon completion of its construction, is expected to generate stable, long term returns for the Fund, consistent with our investment objective.”
EDF Renewable Energy was in news earlier this year for announcing that the 143 MWp (110 MWac) Catalina Solar Project, located in California's Mojave Desert, has reached commercial operation.
Edited by Ryan Sartor