The Changing Winds project consists of approximately 25,000 leased acres of privately owned farm and ranch land in Castro County, Texas
Tri Global Energy (TGE) has announced the sale of the wind development assets of its 231MW Changing Winds project in Texas to Invenergy, for an undisclosed amount.
The Changing Winds project is located on 25,000 leased acres of privately owned farm and ranch land in Castro County, Texas. The wind farm is about 80 miles (128.7km) northwest of Lubbock.
Changing Winds is developed under Tri Global’s Wind Force Plan
Since its origination in 2011, Tri Global Energy has the exclusive developer and manager of the Changing Winds project, using its business model, the Wind Force Plan. The company’s proprietary business model enables local landowners and community investors to partner with and own substantial ownership in the wind project that leased their land.
Tri Global Chairman and CEO John Billingsley said: “Community-sponsored wind projects generate local participation and investment in local communities.
“Through our partnerships with the local community managers and more than 180 landowners and community investors participating in the Changing Winds project, we’ve been able to work together to bring about a high level of local support and realize the many benefits that wind energy delivers to Texas and the country.”
“Given the depth of experience and capability at Invenergy, we expect that Invenergy will help the Changing Winds project deliver on its promise to positively impact the local community economies through tax revenues, generate a substantial rate of return to local community investors and to generate a second source of income through wind royalties for farmers and landowners.”
“We are very proud to develop wind projects that not only benefit the environment by generating renewable energy, but also support and contribute to the communities where they are located.”
In February this year, Altius Minerals’ subsidiary Altius Renewable Royalties entered into a transaction with Tri Global Energy to gain future royalties related to the portfolio of wind energy development projects.
As part of the transaction, the renewable energy developer had committed its current portfolio of more than 1.5GW of development projects, excluding the projects already vended and any additional projects being added in the future, to the new royalty investment structure with Altius, until a minimum total royalty portfolio valuation threshold is reached. The committed development portfolio includes projects located in Texas, Nebraska and Illinois.