EDF closes on deal to sell 50% stake in Longhorn Wind Project to BlackRock

EDF Renewable Energy (EDF RE) said on Sept. 29 that it has closed on a deal to sell a 50% interest in the 200-MW Longhorn Wind Project to a fund managed by BlackRock’s Infrastructure Investment Group.

The Longhorn Wind agreement follows the closing of Hereford Wind Project (200 MW) in February, marking the second of five projects that BlackRock and EDF Renewable Energy signed agreements on earlier this year. Deals for the remaining three wind projects, – Spinning Spur 3 (194 MW), Roosevelt (250 MW) and Milo (49.65 MW) – will close upon completion of construction and tax-equity financing.

The Longhorn Project, located in Floyd and Briscoe counties, is made up of 100 Vestas V-100 wind turbine generators each with a rated capacity of 2 MW. The project will interconnect to the recently-completed Competitive Renewable Energy Zone (CREZ) transmission infrastructure which enables delivery of power from the strong renewable resource regions of West Texas to the rest of Texas.

EDF RE remains closely involved in Longhorn Wind, maintaining a 50% ownership stake. EDF Renewable Services will provide balance-of-plant operations and maintenance for the facility including 24/7 remote monitoring from its NERC-compliant Operations Control Center (OCC).

Raphael Declercq, Vice President Portfolio Strategy at EDF Renewable Energy, stated: “With the recent signing of two additional 50 percent sales regarding the New Mexico projects of Roosevelt and Milo, EDF RE has committed 50 percent stakes in 894 MW of US wind energy projects to BlackRock since the start of 2015. Those partial sell-downs are an integral part of our divestiture business line. During the past 3 years, we have placed into service 3.1 GW and over the same period of time we sold stakes equivalent to approximately 1.3 GW of net capacity.”

“We are pleased to partner with EDF Renewable Energy to add the Longhorn Wind to our global renewables portfolio,” said Jim Barry, Global Head of BlackRock Infrastructure.

“The North American renewable infrastructure market presents tremendous opportunity for our clients and we look forward to growing our relationship with EDF Renewable Energy,” said David Giordano, head of the North American Renewable Infrastructure team at BlackRock Infrastructure. “This project is a great example of the growing set of investment opportunities in US infrastructure.”

BlackRock operates one of the largest renewable power investment platforms in the world. The Longhorn project is the 16th transaction completed to date by BlackRock Infrastructure in the renewables space, bringing the total invested portfolio to approximately 615 MW of wind and 178 MW of solar projects located across the U.S., Canada, Ireland, the United Kingdom and France.

EDF Renewable Energy is a leading U.S. independent power producer with more than 25 years of expertise in the renewable industry, covering all range of services from project development, management to operations and maintenance. Its North American portfolio consists of 6 GW of developed projects with 3.2 GW of installed capacity. EDF Renewable Energy is a subsidiary of EDF Energies Nouvelles, the renewable energy arm of the EDF group out of France.

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.