GREENWICH, Conn., July 13, 2015 /PRNewswire/ -- Abengoa (MCE: ABG.B/P SM /NASDAQ :ABGB ), the company that applies innovative technology solutions for sustainability in the energy and environment sectors, and Starwood Energy, a private investment firm based in Greenwich, CT, have announced that their joint venture has been selected by the California Independent System Operator (CAISO) as the approved sponsor to finance, construct, own, operate and maintain the Delaney to Colorado River 500 kV transmission line project.
Abengoa and Starwood Energy will undertake joint development of a 114 mile transmission line between Delaney and Colorado River substations, reinforcing the electrical interconnection between both California and Arizona. Abengoa will undertake construction, operation and maintenance of the transmission line. Total investment was initially estimated by CAISO at approximately 300 million dollars.
The project is expected to reach commercial operation in 2020 and will bring significant economic benefits to California rate payers.
"This new award will help us to accelerate our development in the power transmission market in the United States, where we expect to continue leveraging our global expertise in order to become a significant player in development, engineering, construction and maintenance of large transmission assets," said Santiago Seage, CEO of Abengoa.
"We are very gratified by CAISO's thorough process, analysis and decision in the selection of our joint venture as the sponsor of this new transmission project," added Himanshu Saxena, Managing Director of Starwood Energy. "This project is a continuation of Starwood Energy's very successful track record of developing essential energy infrastructure projects. We are looking forward to making this project a success for all stakeholders and to helping California meet its ambitious energy objectives."
Abengoa (MCE: ABG.B/P SM /NASDAQ :ABGB ) applies innovative technology solutions for sustainability in the energy and environment sectors, generating electricity from renewable resources, converting biomass into biofuels and producing drinking water from sea water. (www.abengoa.com)
About Starwood Energy Group
Starwood Energy Group is a private investment firm based in Greenwich, CT that specializes in energy infrastructure investments. Through its general opportunity funds known as Starwood Energy Infrastructure Fund I and II, and other affiliated investment vehicles, Starwood Energy Group manages total equity commitments of more than $2 billion. The Starwood Energy Group team brings extensive development, construction, operations, acquisition and financing expertise to its investments, with a focus on the natural gas and renewable power generation, and transmission sectors. To date, Starwood Energy Group and its affiliates have committed to energy infrastructure transactions totaling approximately $4 billion in enterprise value. Starwood Energy Group is an affiliate of Starwood Capital Group Global, L.P. Additional information about Starwood Energy Group as well as Starwood Capital Group can be found at www.starwoodenergygroup.com.
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SOURCE Starwood Energy Group