CIP backs 155MW Texan jewel
Terna Energy obtains funding for $250m Fluvanna 1 wind farm
Greek utility Terna Energy has obtained funding for the 155.4MW Fluvanna 1 wind farm in Texas.
The $250m project in Scurry Country, which is under construction, will receive $61m from Copenhagen Infrastructure Partners (CIP) to cover part of its development cost, Terna said.
Goldman Sachs will provide up to $150m once the facility operates, while financing during construction will be covered by banks including HSBC, NordLB, Morgan Stanley and Rabobank.
The Fluvanna 1 wind farm, comprising Gamesa wind turbines, is expected to start commercial operations in the fourth quarter of next year.
Terna already operates a 138MW wind farm in Idaho and is planning to develop further projects in the US such as the 130MW Fluvanna 2 facility.
It has signed a cooperation agreement with CIP regarding its investment plans there, of which Fluvanna 1 is the first phase. CIP has expressed interest in investing in Fluvanna 2.
International law firm Watson Farley & Williams advised Copenhagen Infrastructure Partners on the deal.
Terna operates 738MW of renewable energy capacity across five countries.