Sammons Renewable Energy (SRE) has announced the acquisition of the 163MW Midway Wind from Apex Clean Energy.
Franklin Park Investments identified and assisted with structuring the deal and closing the transaction on behalf of SRE. Located on the Texas Gulf Coast in San Patricio County, Midway Wind is a development project with plans including construction of 47 Siemens Gamesa G132 turbines for a total project capacity of 162.9MW. The project has an anticipated commercial operation date of December 2018.
“Midway’s location near Texas' wind-rich Gulf Coast, and its proximity to the Electric Reliability Council of Texas’ (ERCOT) South Hub, position the development to fill an energy gap that will widen as coal-generation in ERCOT is retired,” said Heather Kreager, chief executive officer of Sammons Enterprises, the ultimate parent company of Sammons Renewable Energy. “By continuing to work with Apex Clean Energy, who will manage construction efforts, we are confident this project will be a valuable asset in our growing renewable energy portfolio.”
“Midway Wind yet again shows the promise and value of wind energy on the Gulf Coast of Texas. Our Gulf Coast projects were integral to establishing Apex’s long-term strategy and advancing a robust and diverse portfolio,” said Mark Goodwin, president and chief executive officer of Apex. “We are pleased to partner with Sammons Renewable Energy to bring Midway Wind to life, and we applaud SRE’s commitment to advancing clean energy across North America.”
“Having now acquired 397MWs of operating projects and 205MWs of construction and development stage projects on behalf of Sammons Renewable Energy, we are pleased to continue our renewable energy management relationship with SRE,” commented Tom Tribone, the Chief Executive Officer for Franklin Park.
“Midway is Sammons Renewable Energy’s first wind acquisition in our home state of Texas,” said Darron Ash, senior vice president of Sammons Enterprises. “Investing in the region by acquiring significant assets like Midway is critical to achieving our long-term vision of becoming a leading investor in the North American renewable energy market.”
The transaction closed on December 27. Akin Gump Strauss Hauer & Feld provided legal advice and Leidos Engineering, LLC provided engineering advice. Franklin Park Investments will manage this project on behalf of SRE. Details of the deal were not disclosed.