Innergex Renewable Energy Inc. and BlackRock Real Assets started commercial operations of the 200-MW Flat Top wind farm in Mills County, Texas.
Innergex Renewables owns 51% stake in the 100-turbine wind facility and a BlackRock Real Assets-managed fund owns the remaining 49% stake.
Flat Top will sell its entire output to the Electric Reliability Council of Texas power grid and fix the power price on the majority of its revenue under a 13-year commodity hedge agreement with an affiliate of Citi, starting Aug. 1, according to a March 27 press release.
Concurrently, subsidiaries of Berkshire Hathaway Energy and Citi completed a US$211.3 million tax equity financing of the project. The proceeds from the financing were used primarily to retire the project's construction loan.
The wind farm became a part of Innergex portfolio as a result of the company's C$1.1 billion acquisition of Alterra Power Corp.
BlackRock Real Assets is an affiliate of BlackRock Inc.