EDF sells 50% of Spinning Spur 3 wind project in Texas to BlackRock

EDF Renewable Energy (EDF RE) said Nov. 20 that it has closed on a deal to sell a 50% interest in the 194-MW Spinning Spur 3 Wind Project in Texas to a fund managed by BlackRock’s Infrastructure Investment Group.

This transaction is the third of five signed agreements between BlackRock and EDF Renewable Energy to close. The deals for the remaining projects – Roosevelt (250 MW) and Milo (49.65 MW) wind projects – will close upon completion of construction and tax-equity financing.

The Spinning Spur 3 project, located 50 miles west of Amarillo in Oldham County, commenced construction of its 97 Vestas V-100 2 MW wind turbines in October 2014 and declared commercial operation in September 2015. The electricity generated from the Spinning Spur 3 Wind Project feeds into the CREZ (Competitive Renewable Energy Zone) transmission infrastructure and is provided to two municipal utilities, Georgetown Utility Systems and Garland Power & Light, under long-term Power Purchase Agreements.

EDF RE noted that it remains closely involved in Spinning Spur 3 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).

BlackRock operates one of the largest renewable power investment platforms in the world with over $1.5 billion of equity assets under management. The Longhorn project is the 32nd transaction completed to date by BlackRock Infrastructure in the renewables space, bringing the total invested portfolio to approximately 1,300 MW of wind and solar projects located across the U.S., Canada, Ireland, Sweden, France and the United Kingdom.

EDF Renewable Energy is one of the largest renewable energy developers in North America with 6 GW of wind, solar, biomass, and biogas projects developed throughout the U.S., Canada, and Mexico. EDF Renewable Energy is a subsidiary of EDF Energies Nouvelles.

BlackRock provides investors with infrastructure equity and debt investments via Funds, Co-Investments, Managed Accounts and Infrastructure Solutions and currently has over $7.5 billion in invested and committed assets. Its team of infrastructure investment professionals is based in New York, London, Dublin, Mexico, Paris, Hong Kong, Seattle, Stockholm and Zurich.

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.