Lincoln Clean Energy (LCE), a portfolio company of I Squared Capital, has committed 100% of the sponsor equity for the Amazon Wind Farm Texas, a 253-MW facility in Scurry County, Texas.
The facility will use 110 General Electric turbines to generate more than 1,000,000 megawatt hours of green electricity annually. Commercial operations are expected to begin in October 2017 with 90% of the output under long term contract with on-line retailer Amazon—representing Amazon’s largest renewable energy purchase to date.
“Amazon Wind Farm Texas is a significant milestone for LCE and a testament to the management team’s ability to deliver large-scale renewables projects,” said Adil Rahmathulla, Partner at I Squared Capital, in an Oct. 3 statement. “We are proud to be at the forefront of the transition to renewable energy in the U.S.”
Declan Flanagan, Founder and CEO of LCE, said: “We look forward to starting construction at Amazon Wind Farm Texas as well as working with I Squared Capital on a pipeline of more than 1,000 megawatts of advanced-stage development projects across Texas and the Midwest.”
The $360 million project will receive construction financing from MUFG as Coordinating Lead Arranger, and Bank of America Merrill Lynch as Mandated Lead Arranger. Bank of America Merrill Lynch and GE (NYSE: GE) unit GE Energy Financial Services will invest in long-term tax equity for the project and BayernLB will provide letter of credit facilities after construction completion.
I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, and transport in North America, Europe, and select high growth economies. The firm has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.
Lincoln Clean Energy is a leading developer of U.S. wind and solar projects with offices in Chicago, IL and Austin, TX. Since 2011, LCE has developed over 1,000 MW of renewable power projects in California, New Jersey and Texas. In December 2015, LCE was acquired and became a portfolio company of I Squared Capital.