Sammons Renewable Energy Holdings Inc. acquired the 238-MW Rio Bravo (Cabezon) wind farm in Starr County, Texas, from Longroad Energy Partners LLC for an undisclosed amount.
The 66-turbine project is expected to enter operation by June 2019. The facility holds a 15-year power purchase agreement with Citigroup Inc.
Longroad Energy said it will make a $49.4 million repayment to Infratil Ltd. in connection with the sale, according to a Dec. 14 news release. Infratil and the New Zealand Superannuation Fund each own 40% interests in Longroad Energy; its management owns the remaining 20%.
A subsidiary of Berkshire Hathaway Energy will provide tax equity financing for the project. Construction financing was led by KeyBank NA, with Zions Bank, HSBC, National Australia Bank, CIBC and Landesbank HessenThuringen rounding out the lending group.
KeyBanc Capital Markets served as the coordinating lead arranger and acted as financial advisor to Longroad on the sale. Franklin Park identified and assisted with the structuring and closing of the acquisition on behalf of Sammons Renewable Energy.