Falvez Energy has closed the financing of the Falvez Astra Wind
Project in Texas, its first utility scale wind project. GE
(NYSE:GE) unit, GE Energy Financial Services, provided the
construction financing, which will enable the construction of the
163-megawatt wind farm. Additionally, GE Energy Financial Services
and BNP Paribas SA will each provide 50% of the long-term tax
equity for the project.
The project is located in Randall, Castro, and Deaf Smith
Counties, in the Texas Panhandle, approximately 30 miles south of
Amarillo. The project property is comprised of approximately 11,000
acres on land historically used for ranchland and agricultural
purposes. It is considered to be in the western part of the
Competitive Renewable Energy Zone (CREZ) in Texas, which provides
renewable energy generation produced in west Texas access to major
transmission lines that serve eastern Texas load areas including
Dallas, Houston, and San Antonio.
The project was designed and is being constructed to utilize 68
GE 2.4-107 wind turbine generators with advanced performance,
reliability and output. The main power transformer is also being
supplied by GE. The renewable energy generated by the project will
be transmitted through a new 14-mile 345 kV transmission line to
the Sharyland Utilities Windmill Substation, and via the Electric
Reliability Council of Texas (ERCOT). The day-to-day operations and
maintenance services for the project will also be provided by GE
under a 10-year Full Service Agreement.
“The financial closing is a testament to the strong partnership
amongst GE, BNP Paribas and Falvez Energy, and the beginning of an
excellent long-term strategic relationship for future wind
projects,” comments Hossein Fateh, Principal of Falvez Energy.
Falvez Energy, along with the sister company, WindHQ, is currently
pursuing a number of wind energy projects in the Americas,
including in Tamaulipas, Mexico, and the Eastern United States.
“This achievement is the result of close cooperation with the
parties participating as a single motivated team to get to the
finish line. GE’s approach to a one-stop shop enables this project
to become a reality,” comments Leandro Alves, Principal of Falvez
Energy.
Kevin Walsh, Managing Director and Head of U.S. Renewables, GE
Energy Financial Services, said “We are pleased to establish a new
relationship with Falvez Energy and build upon our strong global
renewable energy footprint in support of projects that use GE’s
technology.”
GE Energy Financial Services has committed to invest
approximately $9.5 billion in wind energy projects that generate
more than sixteen gigawatts of power globally.
Phil Mintun, Head of BNP Paribas Capstar Partners U.S. added,
“We are pleased to participate in this important project sponsored
by Falvez and to work alongside GE Energy Financial Services in
making this investment. This transaction represents an important
milestone in BNP Paribas’ commitment to financing renewable energy
projects around the globe.”
Falvez Energy’s vision is to bring institutional investors to
renewable energy projects, where its goal, from day one, is to have
projects that are sufficiently attractive to warrant long-term
investment.
About Falvez Energy
Falvez Energy is developing the Future of Energy; its two
principals, Hossein Fateh and Leandro Alves together have vast
experience in renewable energy, running a public company, and
project finance. They are a premier independent power company
looking to develop and own long-term stable cash flows in the U.S.,
Mexico, and Latin America. Falvez Energy is a sister company of
WindHQ, and CloudHQ (which develops, constructs, and owns wind
projects and data centers respectively), coupling renewable wind
energy with data centers; WindHQ, Powering the Cloud.
www.falvez.com.
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.
GE Energy Financial Services is part of the GE Store and is able
to provide unique customer value by leveraging GE's industrial
energy heritage and strong technology footprint to offer access to
capital and expertise. It is headquartered in Stamford, CT with
regional hubs in London, Houston, Hong Kong and Nairobi. More
information: www.geenergyfinancialservices.com;
Twitter: @GEEnergyFinServ.
About GE
GE (NYSE: GE) is the world's Digital Industrial Company,
transforming industry with software-defined machines and solutions
that are connected, responsive and predictive. GE is organized
around a global exchange of knowledge, the "GE Store," through
which each business shares and accesses the same technology,
markets, structure and intellect. Each invention further fuels
innovation and application across our industrial sectors. With
people, services, technology and scale, GE delivers better outcomes
for customers by speaking the language of industry. www.ge.com.
About BNP Paribas
BNP Paribas is a leading bank in Europe with an international
reach. It has a presence in 75 countries, with more than 189,000
employees, including more than 146,000 in Europe. The Group has key
positions in its three main activities: Domestic Markets and
International Financial Services (whose retail-banking networks and
financial services are covered by Retail Banking & Services)
and Corporate & Institutional Banking, which serves two client
franchises: corporate clients and institutional investors. The
Group helps all its clients (individuals, community associations,
entrepreneurs, SMEs, corporates and institutional clients) to
realize their projects through solutions spanning financing,
investment, savings and protection insurance. In Europe, the Group
has four domestic markets (Belgium, France, Italy and Luxembourg)
and BNP Paribas Personal Finance is the leader in consumer lending.
BNP Paribas is rolling out its integrated retail-banking model in
Mediterranean countries, in Turkey, in Eastern Europe and a large
network in the western part of the United States. In its Corporate
& Institutional Banking and International Financial Services
activities, BNP Paribas also enjoys top positions in Europe, a
strong presence in the Americas as well as a solid and fast-growing
business in Asia-Pacific. https://group.bnpparibas/en/.
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version on businesswire.com: http://www.businesswire.com/news/home/20160927005404/en/
Falvez Energy, LLCLeandro Alves, +1
202-618-7143lalves@falvez.comorGE Energy Financial ServicesJaclyn
Cole, +1 203-961-2934jaclyn.cole@ge.comorBNP ParibasCesaltine
Gregorio, +1 212-841-3719Cesaltine.gregorio@us.bnpparibas.com
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