Completes Construction Debt Facility Payoff
Tax Equity Funding Closed with GE EFS and BHE Renewables
Boulder, CO – June 02, 2020 – Scout Clean Energy (“Scout”), a Colorado based renewable energy developer, owner and operator, has completed construction and successfully closed tax equity funding for the 180 MW Heart of Texas Wind Farm (“HTX”) located in McCulloch County, Texas. Scout is a portfolio company of Quinbrook Infrastructure Partners (“Quinbrook”).
“Heart of Texas was completed on time and under budget which is quite an achievement given the wide-spread disruption that COVID-19 has caused across the entire US economy. It is a real credit to Scout’s construction management team, our suppliers, contractors and financiers who have worked tirelessly to get to the finish line,” said Michael Rucker, CEO and founder of Scout Clean Energy. “Reaching commercial operations at Heart of Texas brings Scout’s operational portfolio of wind energy generation to 698 MW with a further 146 MW under construction and more than 4,000 MW in our active development pipeline.”
Scout started construction on Heart of Texas in September of last year. The completion of construction follows the commissioning of Scout’s 300MW Ranchero wind farm in Crockett County, Texas late last year. HTX will utilize sixty-four (64) of the latest generation GE 2-MW platform wind turbines. The utility-scale project will utilize three models of 2-MW platform turbines to optimize site production.
HTX has secured an offtake contract with Allianz Global Corporate & Specialty’s Alternative Risk Transfer unit, in partnership with Nephila Climate. REsurety provided the risk analytics supporting the long-term offtake transaction. Construction financing of $255 million (including letters of credit) was provided by KeyBank as Administrative Agent, Rabobank and CoBank, ACB. GE Energy Financial Services (“GE EFS”) and BHE Renewables invested tax equity financing.
Scout entered into a fixed-price balance-of-plant construction agreement with RES Americas Construction who completed construction work on time and under budget. The asset management and post-construction operations will be undertaken by Scout.
The project has tax incentive agreements in place with McCulloch County, McCulloch County Hospital District, and Lohn Independent School District. It is estimated that the county will receive approximately $36 million in tax revenue over the life of the project.
About Scout Clean Energy
Scout Clean Energy is a renewable energy development company headquartered in Boulder, Colorado. Scout is developing a 4,000 MW portfolio of wind and solar energy projects across 13 US states. Scout is an owner-operator with expertise in all aspects of wind development, permitting, power marketing, finance, construction and asset management. Scout is a portfolio company of Quinbrook Infrastructure Partners.
About Quinbrook Infrastructure Partners
Quinbrook Infrastructure Partners 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 US $8 billion in energy infrastructure assets since the early 1990's, representing a total enterprise value of US $28.7 billion or 19.5 GW of power supply capacity. Quinbrook's investment and asset management team has offices in Houston, London, Jersey, and the Gold Coast of Australia. Quinbrook has completed a diverse range of direct investments in both utility and distributed scale wind power, solar PV, peaking power and grid support, biomass, battery storage and ‘micro-grid’ installations in the US, UK, and Australia.