Longroad Energy has announced that it has secured the financing, and started of construction of its El Campo wind farm in Knox County, Texas.
Longroad Energy, a US-based renewable energy developer, owner and operator has announced it has secured the financing, and started of construction of its El Campo wind farm in Knox County, Texas.
“Longroad is pleased to bring this deal through this crucial step and to partner with PKA and PenSam through AIP. We are proud of our track record in developing, financing, constructing, owning and operating well-structured renewable assets in the US. This approach appealed to AIP and its investors, and the investment in El Campo is a great first step to take with our new partners,” said Paul Gaynor, CEO of Longroad. “It’s great to be able to work with high caliber groups such as PKA, PenSam, and AIP. We hope this is the first of many partnerships with this team in the US.”
The two Danish pension funds PKA and PenSam, represented by their investment manager AIP, also became long-term investors alongside Longroad.
“The El Campo wind farm is our second sizeable investment in renewable assets in the US within a year and it represents yet another important addition to our ambitious green investment strategy,” said Michael Nellemann Pedersen, CIO of PKA. “We are delighted to partner with an experienced renewable energy developer like Longroad Energy and we are optimistic about extending the partnership even further in the future.”
This project is one of the largest investments ever made in the region with the total cost of the project estimated to be approximately $335 million, with commercial operation scheduled for July of 2020.
The project has two corporate PPAs: DaVita Inc. has signed a Power Purchase Agreement (PPA) for 83 MW while Crown Holdings will take 111 MW in its PPA. Vestas American Wind Technology Inc. will supply 67 wind turbines ranging in size from 2.0 MW to 4.2 MW each, and the project will be built by Mortenson under an EPC agreement.