Spanish developer Energos financing 400MW of Texas wind

Written by GTD Editor

Friday, 19 February 2010 13:45

Energos, a Spanish wind developer, is providing development-stage capital to move two 200 megawatt Texas wind projects toward construction. The company is working with two local partners in a deal brokered by Allegiance Capital.

This announcement comes only a month after Energy investor T. Boone Pickens announced he would halve his huge order for 1.5 megawatt wind turbines from General Electric from 667 to 333 for Texas wind projects.

The Energos projects are Arranz Wind Caprock I, about 60 miles east of Lubbock, Texas, under development by Energos and local partner Mariah Strategies; and the Arranz Wind Tuxedo I, about 80 miles north of Abilene, Texas, with Energos and local partner Peak Wind developing.

The developers are in the process of acquiring land, measuring the wind resource and filing for transmission interconnection, Fred McCallister, Allegiance Capital vice president and the lead deal maker on the transaction, tells Recharge.

In addition to capital, Energos is expected to provide its renewable energy development expertise as the projects move into construction in the next two to three years, with a production target of 2014. The developers are emphasizing a long-term approach to the projects in part because of a lack of transmission lines.

McCallister says these two projects are part of Madrid-based Energos’ initial move into the US market with a goal of becoming a sizeable developer, owner and operator of wind generation in the coming years.

Allegiance, a Dallas-based investment banking firm, helped Energos identify the Texas projects and negotiate agreements with the local developers, McCallister says. He will sit on the board of directors of the project companies and provide executive and financial oversight.

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