AMARILLO, Texas & WASHINGTON--(BUSINESS WIRE)--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.
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/.