Financing lined up for 150-MW Briscoe Wind project in Texas

Capital Dynamics, GE Energy Financial Services and Morgan Stanley announced Jan. 22 that they have completed financing for the 150-MW Briscoe Wind Farm LLC project in Briscoe County, Texas.

The electricity from the project is expected to be sold in the Electricity Reliability Council of Texas (ERCOT) market.

Capital Dynamics’ Clean Energy and Infrastructure (CEI) team completed tax equity agreements with GE Energy Financial Services and Morgan Stanley, and construction debt and letter of credit agreements with Morgan Stanley to construct the project. Briscoe Wind Farm will utilize 81 General Electric 1.85-87 wind turbines. The project has entered into a 10-year full service agreement with GE to oversee the operation and maintenance of the turbines.

The project rights were acquired by Capital Dynamics from juwi Wind and EBW. juwi developed Briscoe Wind Farm and continues to support the project through a Development Services Agreement. Wanzek Construction will construct the facility with commercial operations expected to begin in the second half of 2015.

“Briscoe Wind Farm is a large-scale asset in the Texas wind market and we are pleased to partner with two premier financial institutions, Morgan Stanley and GE Energy Financial Services, to realize this project. We are also grateful for the work from EBW and juwi during the development phase,” said John Breckenridge, Managing Director at Capital Dynamics.

“We are pleased to support the efforts of Capital Dynamics and partner with Morgan Stanley to build a clean and reliable project,” said Kevin Walsh,  Managing Director of Power and Renewable Energy at GE Energy Financial Services.

“The financial close of this wind power project highlights the depth of experience our team brings to clean energy power generation, Capital Dynamics’ long term commitment to the asset class and the quality of financing partners eager to participate in attractive wind power projects,” said Stefan Ammann, CEO of Capital Dynamics.

Capital Dynamics is an independent, global asset manager, investing in private equity and clean energy infrastructure. It currently has $19bn in assets under management/advisement.

GE Energy Financial Services – General Electric’s (NYSE: GE) energy investing business – works as a builder, not just a banker, to help meet the world’s power and fuel needs. Based in Stamford, Connecticut, GE Energy Financial Services holds approximately $16bn in assets.

Notable is that two affiliates of Capital Dynamics on Dec. 3, 2014, filed notices with the Federal Energy Regulatory Commission of self-certification as exempt wholesale generators for nearly-completed power projects.

  • Green Pastures Wind II LLC will own and operate a 150-MW (nameplate) wind project in Baylor County, Texas. The project is under construction and due to produce test power in May 2015, with commercial operation being achieved by September 2015. The project is made up of 50 of Acciona’s 3-MW wind turbines.
  • Briscoe Wind Farm LLC will own and operate a 150-MW (nameplate) wind project in Briscoe County, Texas. The project is under construction and due to produce test power by August 2015, with commercial operation by September 2015. The project consists of 81 of General Electric’s 1.85-MW wind turbines.
About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.