Tri Global Energy LLC, a leading originator and developer of community-sponsored utility-scale wind energy projects, announces the close of a transaction with TERNA ENERGY, S.A., a member of GEK TERNA Group of Companies, for the acquisition, construction and operation of the Fluvanna Wind Energy Project, a 380 MW wind project located in Fluvanna, Texas.
The Fluvanna Wind Energy Project is expected to be constructed in phases, with the first phase operational in 2017, the parties said in a news release.
Comprised of nearly 32,000 leased acres of privately owned farm and ranch land, the Fluvanna project when fully built could generate enough electricity to supply 110,200 homes, depending on homeowner energy use.
The Fluvanna Wind Energy Project was developed under Tri Global Energy’s proprietary business model, the Wind Force Plan, which allows local landowners and community investors the opportunity to partner with and have a substantial ownership in the wind project that leased their land.
“This is a visible sign of the power behind our community-based business model,” said John Billingsley, Tri Global Energy Chairman and CEO. “Our relationship with TERNA ENERGY will help us deliver on our promise to positively impact the projects’ host community economies through employment opportunities and tax revenues; generate a substantial rate of return to local community investors; and to generate a second source of income in the form of wind royalties for farmers and landowners.
“Community-sponsored wind projects have been shown to create more jobs and greater local economic benefit,” Billingsley said. “Through our partnerships with the community managers and more than 130 landowners and community investors participating in the Fluvanna project, we’ve been able to work together to bring about a high level of local support and attention for wind energy.”
As a founder and developer of the Fluvanna project, Tri Global Energy evaluated the potential of the site, considering the wind resource quality, ability to obtain permits, access to transmission, impact on the surrounding environment and consistency with current land uses and constructability.
“We develop quality projects by leveraging third-party expertise that is highly regarded in the renewable industry, assuring our projects are readily financed by the power producers and other leading energy investment institutions in the U.S.,” Billingsley said.
The measured wind speeds and capacity at the Fluvanna Wind Energy are among the best in the world, according to Tri Global Energy. Once the project achieves commercial operation, it will use the ERCOT (Electricity Reliability Council of Texas) CREZ (Competitive Renewable Energy Zone) transmission system.
Under the terms of the agreement, Tri Global Energy will work with TERNA ENERGY during the construction phase, up to the time when the project reaches commercial operation.
Since founding Fluvanna Renewable Energy LLC in March 2011, Tri Global Energy has been a manager, member and the exclusive project developer. Terna Energy S.A., based in Athens, Greece, is a developer, owner and operator of 885 MW of renewable energy projects in operation or under construction in Europe and the United States.