Financing Comes In for Texas Wind Project Near Corpus

May 14, 2018

 

Citi and a subsidiary of Berkshire Hathaway Energy are part of the financing for the 163 mW Midway Wind project in San Patricio County, north of Corpus Christi.

A unit of Dallas-based Sammons Enterprises secured the hedge, tax equity and construction financing recently along with Franklin Park, which manages Sammons’ assets.

SRE bought the project from Apex Clean Energy in January.

The plant will use 47 Siemens Gamesa’s G132-3.465 MW wind turbines and should be completed by this December.

The Berkshire Hathaway subsidiary, BHE Renewables, joined the tax equity financing, while construction debt is covered by Citi and Siemens Financial Services units.

Sammons has an extensive power price hedge agreement with a Citi affiliate for a portion of the electricity to be generated from the wind farm, when completed.