DALLAS, June 15, 2017 /PRNewswire/ -- Tri Global Energy, a leading U.S. originator and developer of utility-scale wind energy projects, today announced the sale of assets of the 80 megawatts (MW) Fiber Winds Energy Project located in Crosby County, Texas to Lorenzo Wind, a wholly owned subsidiary of NextEra Energy Resources LLC, the largest renewable energy power company in North America.
As part of an agreement announced in March 2017, NextEra will sell 230 MW, which includes the Fiber Winds energy production, under a long-term power purchase agreement with Xcel Energy, a national leader in procuring and delivering renewable energy. Through its 1,230 MW Texas-New Mexico wind energy initiative, Xcel Energy also will acquire other development assets from NextEra, including the 478 MW Hale Wind Energy Project, another wind project originated and developed by Tri Global Energy.
"We are pleased to expand our NextEra collaboration, which began in 2015 with the sale of the 800+ MW Hale Wind Energy Project, and to see NextEra's continued recognition of our high-quality wind energy development efforts," said John Billingsley, Chairman and CEO of Tri Global Energy. "We look forward to supporting NextEra in commencing project construction following regulatory approvals for both Fiber Winds Energy and Hale Wind Energy.
"Like many other wind energy projects in West Texas, Fiber Winds has provided substantial economic impact to the local host area," said Billingsley, "and that includes funds from additional tax revenue, landowner royalties and other contributions, such as the creation of local jobs."
"Wind energy projects -- in addition to Texas' significant investments in transmission infrastructure, solar and fossil resources and a supportive business environment -- contribute to West Texas' ability to lead in all forms of energy generation. Tri Global Energy is to be commended for its leadership in this area," said Congressman Jodey Arrington (R-Texas), who represents District 19 and Crosby County. "A clean, safe, affordable and reliable supply of energy created right here at home is imperative to a safe, strong, and free America for generations to come."
Comprised of 10,500 leased acres of privately owned farm land located 25 miles east of Lubbock, Texas, Fiber Winds Energy represents the second phase of the Crosby County Wind Farm, a community-sponsored wind energy development initiated by Tri Global Energy in 2009.
Since that time, Tri Global Energy has been a manager, member and the exclusive project developer of Crosby County Wind Farm. As project developer, Tri Global Energy secured site control, completed long-term wind resource and habitat assessments, secured all tax abatements and local permits, executed an interconnection agreement with Southwest Power Pool and funded facility construction and initiated preliminary engineering and equipment selection.
The first phase of Crosby County Wind Farm was placed into operations in 2014. The third phase of this wind energy development was qualified for the federal Production Tax Credit in 2016, with planned operations by the end of 2020.
About Tri Global Energy
Tri Global Energy (TGE) is a leading developer of wind energy in the U.S. The company is based in Dallas. Founded in 2009, TGE's goal is to develop clean energy at an affordable cost through the development of community-sponsored, utility-scale renewable energy projects. Since 2014, TGE concluded over 3,000 MW of transactions with sponsor equity partners and the represented projects are now either in operation, construction or project financing. For more information, visit http://www.triglobalenergy.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tri-global-energy-closes-on-sale-of-wind-energy-project-to-nextera-energy-resources-300474418.html
SOURCE Tri Global Energy