Scout Clean Energy, part of Quinbrook Infrastructure Partners, has closed construction financing on the 300MW Ranchero wind farm in Crockett County, Texas, US.
KeyBank provided construction capital for Ranchero, expected to be operational by the end of the year, while GE Energy Financial Services underwrote and committed a portion of the tax equity.
The project, developed from inception by Scout Clean Energy, will use 120 of the latest generation GE 2.5MW wind turbines with 127 metre rotors.
Scout has contracted RES Americas to provide balance of plant construction under a fixed price agreement.
Scout affiliate Harvest Energy Services will undertake construction management.
The construction financing deal included a secured 10-year proxy revenue swap with Allianz Global & Specialty, in partnership with Nephila Climate.
REsurety provided the risk analytics supporting the proxy revenue swap transaction and will serve as the calculation agent on an ongoing basis.
Quinbrook managing partner David Scaysbrook said: “It is especially pleasing to have closed a major new financing and commenced construction of the first project to be developed from scratch by the Scout team.
“Ranchero has the potential to be a significant new wind project for the Texas power market and enjoys a strong wind resource.”
Including the 200MW Persimmon Creek wind farm Scout’s operating portfolio is targeted to exceed 1GW within the next 18 months, said Scaysbrook.
Together, Quinbrook and Scout have rapidly expanded their utility scale US wind project portfolio to over 2.3GW of potential renewable power capacity, spanning 13 projects in 10 states.