NEW YORK, Jan. 16, 2018 /PRNewswire/ -- Quinbrook
Infrastructure Partners ("Quinbrook"), a global investment manager
specializing in lower carbon and renewable energy infrastructure
assets and GE (NYSE: GE) today announced that the Quinbrook Low
Carbon Power Fund has closed construction and tax equity financing
of the 200 Megawatt (MW) first stage of the GE-powered 365 MW
Persimmon wind farm project ("Persimmon") in Oklahoma.
Quinbrook recently acquired a 75 percent controlling equity
stake in Persimmon and formed a joint venture with Elawan Wind
(formerly Gestamp Wind), the initial developer of the project.
Persimmon secured dual interconnection agreements for connection to
the Southwest Power Pool network in Oklahoma, for up to 365 MW of capacity split
into two phases. The first phase is 200 MW, with completion and
first generation scheduled for mid-2018. The Quinbrook and Elawan
teams secured long-term offtake commitments with an investment
grade counterparty to support the overall financing.
GE Renewable Energy is the project's wind turbine supplier,
providing 73 of its 2.5 MW turbine and seven 2.3 MW turbines. GE
Energy Financial Services, the energy investing unit of GE, has
committed to provide over $190
million of tax equity financing to the project and served as
bookrunner, administrative agent and lender for $252 million of credit facilities. GE Energy
Financial Services arranged financing from CIT, MUFG and Rabobank,
who were the Joint Lead Arrangers on the transaction.
"The Persimmon wind project is the perfect addition to
Quinbrook's growing wind portfolio, which now exceeds two
gigawatts," said Shawn Cumberland,
Senior Managing Director at Quinbrook. "We have also found an ideal
partner in Elawan, who have successfully developed the project over
several years in one of the US' strongest wind regimes,
Oklahoma. As partners, we have
successfully navigated the many challenges arising from the recent
US tax reform legislation and secured a very competitive financing
package led by GE, as well as long term offtake commitments with a
first-rate counterparty."
"GE Renewable Energy is a proven leader in wind turbine
technology, paving the way to more affordable and efficient
renewable power generation," added Cumberland. "Elawan is an
accomplished developer of wind projects, not only in the United States but also in Europe, Brazil and South
Africa. The first stage of Persimmon represents a critical
step in building out Quinbrook's large-scale wind portfolio in the
US, which will start generating cash returns for our investors from
the middle of this year."
Pete McCabe, President & CEO
of GE's Onshore Wind Business, said, "We are pleased to partner
with Quinbrook and Gestamp on this exciting project as we work to
bring wind power to more communities across the U.S. Persimmon is
an example of GE's scope, with GE Renewable Energy providing the
technology and GE Energy Financial Services providing the tax
equity and leading the construction debt.
"In Quinbrook, we found a real partner that added tremendous
value and high levels of cooperation to this process," added Javier
Mateache, CEO of Elawan Wind, North America. "It's an
exciting time to be involved in the wind industry as it continues
to expand its reach in the US. We're honored to be undertaking this
project with collaborators such as GE and Quinbrook who share our
dedication to renewable energy."
Once operational, Persimmon is expected to generate nearly
900,000 MWh of zero emissions renewable power every year—equivalent
to offsetting 630,000 metric tons of carbon dioxide annually.
About Quinbrook
Quinbrook Infrastructure Partners
(www.quinbrook.com) is a specialist investment manager focused
exclusively on lower carbon and renewable energy infrastructure
investment and operational asset management in the US, UK and
Australia. Quinbrook is led and
managed by a senior team of power industry professionals who have
collectively invested over $17
billion in energy infrastructure assets since the early
1990's, representing over 36GW of supply capacity. Quinbrook's
investment and asset management team has offices in Houston, London, Jersey, and Brisbane, Australia. Quinbrook currently
manages Cape Byron Power (www.capebyronpower.com), one of
Australia's largest base-load
renewable power generators.
About GE Renewable Energy
GE Renewable Energy is a
$10 billion start-up that brings
together one of the broadest product and service portfolios of the
renewable energy industry. Combining onshore and offshore wind,
hydro and innovative technologies such as concentrated solar power
and more recently turbine blades, GE Renewable Energy has installed
more than 400+ gigawatts capacity globally to make the world work
better and cleaner. With more than 22,000 employees present in more
than 60 countries, GE Renewable Energy is backed by the resources
of the world's first digital industrial company. Our goal is to
demonstrate to the rest of the world that nobody should ever have
to choose between affordable, reliable, and sustainable energy.
About GE Energy Financial Services
A strategic GE
Capital business, GE Energy Financial Services is a global energy
investor that provides financial solutions that help meet the
world's energy needs. Drawing on its technical know-how, financial
strength and strong risk management, GE Energy Financial Services
invests in long-lived and capital-intensive projects and companies.
The firm has 35+ years of experience managing energy assets through
multiple economic cycles, and a global portfolio that spans
conventional and renewable power, and oil and gas infrastructure
projects. It is headquartered in Connecticut with regional hubs in London, Houston, Hong
Kong and Nairobi. For more
information, visit www.geenergyfinancialservices.com and follow us
on Twitter @GEEnergyFinServ.
About Elawan Wind (former Gestamp Wind)
Elawan
Wind (www.elawan.com), is an independent wind power
producer currently operating in Spain, Belgium, Poland, Brazil, USA,
Mexico, Turkey and South
Africa. Gestamp Wind is one of the leading companies in the
wind energy business and has vertically integrated the development,
construction and operation of wind farms. The company has more than
1,000 MW under operation ending 2017 with a total of 3,250,000 MWhs
produced last year. The company retains an
advance development and construction projects portfolio of over 2
gigawatt (GW) in different markets.
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SOURCE Quinbrook Infrastructure Partners