Scout Clean Energy, a Colorado-based renewable energy developer, has closed construction financing and tax equity commitments for the 300MW Ranchero Wind Farm located in Crockett County, Texas. Scout is a portfolio company of Quinbrook Infrastructure Partners.
Courtesy of GE
The 300MW Ranchero project is expected to be operational by year-end 2019 and has been developed from inception by the Scout team. Ranchero will utilize 120 of the latest generation GE 2.5MW wind turbines with 127m rotors and has secured a 10-year Proxy Revenue Swap with Allianz Global & Specialty, Inc.’s Alternative Risk Transfer unit, in partnership with Nephila Climate. REsurety provided the risk analytics supporting the PRS transaction and will serve as the calculation agent on an ongoing basis. Construction financing, including letters of credit, is being provided by KeyBank. GE Energy Financial Services underwrote and committed a portion of the tax equity.
Scout has entered into a fixed price balance of plant construction agreement with RES Americas, with construction management and operations post construction to be undertaken by Harvest Energy Services, a Scout affiliate.
“Ranchero is our first greenfield project since our launch as an owner-operator and it will bring Scout’s owned portfolio of wind energy generation to over 500MW. Ranchero will provide clean renewable energy for Texas industry and thousands of homes, as well as up to 200 jobs during construction and up to 10 permanent jobs during operations,” said Michael Rucker, CEO and founder of Scout Clean Energy.