DALLAS, Dec. 15, 2016 /PRNewswire/ -- Tri Global Energy, a leading U.S. originator and developer of utility-scale wind energy projects, today announced the initial phase of 155 MW for the Fluvanna Wind Energy project has reached financial close, received funding and begun pouring foundations under the construction contract.
Comprised of 32,000 leased acres of privately owned farm and ranch land in Fluvanna, Texas, Fluvanna Wind Energy is now owned and will be operated by Terna Energy S.A.
The Fluvanna Wind Energy project was developed under Tri Global Energy's proprietary business model, the Wind Force Plan, which allows local landowners and community investors the opportunity to partner with and have a substantial ownership in the wind project development that leased their land.
Since founding the community-sponsored Fluvanna Renewable Energy LLC in March 2011, Tri Global Energy has been a manager, member and the exclusive project developer.
"We are very pleased to announce this important milestone," said John Billingsley, Chairman and CEO of Tri Global Energy.
"This is a visible sign of the power behind our community-based business model," Billingsley said. "Our relationship with Terna Energy will help us deliver on our promise to positively impact the projects' host community economies through employment opportunities and tax revenues; generate a substantial rate of return to local community investors; and create a second source of income in the form of wind royalties for farmers and landowners.
"Community-sponsored wind projects have been shown to create more jobs and greater local economic benefit," Billingsley said. "Through our partnerships with the community managers and nearly 130 landowners and community investors participating in the Fluvanna project, we've been able to work together to bring about a high level of local support and attention for wind energy."
As a founder and developer of the Fluvanna project, Tri Global Energy evaluated the potential of the site, considering the wind resource quality, the ability to obtain permits, access to transmission, the impact on the surrounding environment and consistency with current land uses and constructability.
"We develop quality projects by leveraging third-party expertise that is highly regarded in the renewable industry, assuring our projects are readily financed by the power producers and other leading energy investment institutions in the U.S. and from around the world," Billingsley said.
The measured wind speeds, transmission access and local support of the Fluvanna Wind Energy project are among the best in the world, according to Tri Global Energy. Once the project achieves commercial operation, it will use the ERCOT (Electricity Reliability Council of Texas) CREZ (Competitive Renewable Energy Zone) transmission system.
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 wind projects. The company develops and owns utility-scale wind projects in Texas and New Mexico and is the leading developer of wind energy in Texas. For more information, visit http://www.triglobalenergy.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/west-texas-wind-project-developed-by-tri-global-energy-reaches-financial-close-300379405.html
SOURCE Tri Global Energy