Becket, MA – June 17, 2020 – NorthRenew Energy (“NorthRenew”) announced today that the TG East Wind Project (“TGE”) achieved financial close.
The project, located in Knox County, Texas, represents a $450 million total investment and is expected to have 336MW of nameplate capacity comprised of Vestas V-150 4.2MW and V-162 5.6MW wind turbines. TGE is expected to be the first installation of the Vestas Enventus V162-5.6 MW turbine, the largest onshore turbine technology in the United States.
NRE acquired the project from Oklahoma-based Chermac Energy in late 2017 and sold its interests to the Finnish company Taaleri Energia in 2018 and has been providing development and pre-construction services to the project since.
A lender group comprising Nord/LB, Santander, Societe Generale and Mizuho Bank led syndication of the construction debt facility and a tax equity bridge loan. BHE Renewables, a subsidiary of Berkshire Hathaway will provide the tax equity investment. The project equity consortium includes Taaleri SolarWind II Fund, the Danish Infrastructure Fund AIP, Ilmarinen Mutual Pension Insurance Company and Akuo Energy USA. TGE is contracting its output under Allianz Global & Specialty Inc.’s Alternative Risk Transfer unit in form of a proxy revenue swap. Akuo will also act as construction and asset manager. NorthRenew completed all development activities on behalf of Taaleri and also oversaw the selection and negotiation of the construction and turbine supply contracts.
Garth Klimchuk, NorthRenew Co-Founder and Managing Partner stated, “NRE is proud of TGE overcoming all challenges encountered along the way to achieving this financial closing milestone during and despite the current global pandemic. It speaks to the strength of the project and its developer group. We look forward to continuing to assist the new owners and Taaleri on managing TGE through the construction period and through its commencement of operations in 2021.”
Taamir Fareed, Head of Development for Taaleri, said, “The entire Taaleri team is extremely pleased to have reached this critical milestone on our first US project and are extremely appreciative of all of the hard work and overall capabilities that the NorthRenew team brought to the project.”
NorthRenew Energy is a renewable energy development company focused on originating and developing wind, solar and energy storage projects throughout North America. NorthRenew’s team has over 150 years of collective experience in all aspects of project development and construction, having been involved in over 200 transactions representing more than 5,000MW of generation capacity and $100 billion in transaction value across a wide range of renewables, traditional power, and utility transactions. NorthRenew is currently providing pre-construction services on three NorthRenew projects representing over 750MW and is developing eight additional wind and solar projects throughout Colorado, Idaho, Missouri and Texas. Visit NorthRenew on the web at www.northrenew.com.
Taaleri Energia is a Finnish renewable energy project developer and fund manager. The company has one of Europe’s largest investment teams focusing on wind and solar energy. Taaleri Energia manages a 1.6 GW wind and photovoltaic portfolio and is the largest private equity investor in the Finnish wind power market. The company operates 116 wind farms that generate about 1.4 percent of the country’s electricity. Taaleri Energia is part of the Taaleri Group, which is listed on the Nasdaq Helsinki Stock Exchange. Visit Taaleri Energia on the web at www.taaleri.com