Starwood Energy Group Global LLC, the Greenwich, Connecticut-based private-equity firm, arranged financing for a 211-megawatt Texas wind farm it bought in August from T. Boone Pickens’s Mesa Power Group LLC.
The Stephens Ranch project, about 45 miles (72 kilometers) south of Lubbock, will use General Electric Co. (GE) turbines and is expected to be completed in late 2014, Starwood said today in a statement. The wind farm is the first of two phases that will eventually total 377 megawatts.
Banco Santander SA (SAN) and Citigroup Inc. are providing tax-equity financing and $265 million in construction debt. GE is also contributing tax equity and Starwood has committed all of the cash equity.
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