BayWa r.e. Completes Construction of 250 MW Amadeus Wind Farm in Texas
- Dec 21, 2020 4:32 pm GMT
CARLSBAD, Calif., Dec. 21, 2020 /PRNewswire/ -- BayWa r.e. has completed construction and achieved financial close of the Amadeus Wind project in Texas. Located northwest of Abilene in Rotan, the 250 MW wind farm has begun selling power into the grid and will generate enough clean, renewable energy to meet the electricity needs of more than 74,800 homes annually. Amadeus is the largest onshore wind project completed to date in BayWa r.e.'s global portfolio.
Amadeus consists of 96 GE wind turbines deployed across nearly 25,000 acres of federal, state and privately held lands. Over the lifetime of the plant, it will provide millions of dollars in tax benefits to the local community. The wind farm will also reduce the need for power generated from fossil fuels and will keep over 648,000 metric tons of carbon dioxide greenhouse gases from being released into the atmosphere each year.
"We are grateful to all the stakeholders that worked hard to make this project a success, despite this year's profound global challenges," said Florian Zerhusen, CEO of BayWa r.e. Wind LLC.
Amadeus brought together some of the leading names in project financing, tax equity and asset ownership. Commerzbank, one of Germany's largest financial institutions, financed the construction loan for the project. Morgan Stanley is purchasing the energy from the plant under the terms of a 10-year hedge agreement. The tax equity funding was provided by BHE Renewables while Fengate has taken a cash equity position and will jointly own the wind farm with BayWa r.e., which will continue to manage the asset.
"Fengate is very pleased to invest in Amadeus, and we look forward to our ongoing collaboration with BayWa r.e., a proven operating partner and industry leader," said Greg Calhoun, Managing Director, Infrastructure Investments, Fengate. "This significant and strategically located wind project provides a new and important source of clean energy."
"We are well underway with construction on our next project in California," added Zerhusen. "Combined with a very well-developed pipeline, this allows us to continue delivering strong value for our investors and stakeholders moving forward."
Despite the challenges presented by the COVID-19 pandemic, U.S. wind installations are on pace for a record year, according to the latest market data from the American Wind Energy Association (AWEA). Annual installations were up 72% year-over-year through the end of the third quarter. AWEA cites strong market fundamentals and consumer demand as the main drivers of U.S. wind development, with wind offering the most affordable source of new electricity generation in many parts of the country.
About BayWa r.e. renewable energy GmbH (BayWa r.e.):
Across solar and wind, at BayWa r.e. we r.e. think energy – how it is produced, stored and best used. We are a leading global developer, service supplier, distributor and energy solutions provider. We deliver renewable energy solutions worldwide, and have brought over 3.5 GW of energy online, while managing 8.5 GW of assets. We are part of the BayWa Group, a business with revenues of $19.1 billion. Every day we are working hard to find new solutions, push technological boundaries and actively shape the future of energy, and taking a stand against climate change. Our wind company, BayWa r.e. Wind LLC, based in Carlsbad, CA, has been an experienced developer and asset manager of wind farms in the U.S. since 2001. Our strong balance sheet enables us to self-fund each project from acquisition to commercial operation. By focusing our attention on select projects, we deliver the highest standards, a clear vision and quick decisive action. Our proactive approach to project acquisition assesses the views of various stakeholders involved to identify the best approach. https://us.baywa-re.com/en/wind/projects-services
About Fengate Asset Management:
Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies. With offices in Toronto and Oakville, Ontario, and Houston, Texas, Fengate is one of the most active real asset investors in North America and the firm has been investing in infrastructure across North America since 2006. Learn more at www.fengate.com.
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SOURCE BayWa r.e. USA LLC
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