Leeward Renewable Energy and GE Complete Repowering and Financing For Sweetwater 1 & 2 Wind Farms
12 January 2018
Leeward Renewable Energy, LLC and GE announced the successful completion of the repowering of the combined capacity 136 MW Sweetwater 1 & 2 wind farms in Nolan County, Texas. GE Renewable Energy is the wind turbine provider for the project and GE Energy Financial Services provided tax equity financing.
The Sweetwater 1 & 2 repowering program enhances performance by replacing major existing components and providing a material increase in annual energy production. Through the repowering project, the companies installed state-of-the-art technology at the facilities to increase the sites' efficiency, reduce costs and extend the life of some of Leeward's oldest operating assets. Sweetwater 1 & 2 wind facilities have been in operation since 2003 and 2005, respectively.
Greg Wolf, Leeward's Chief Executive Officer said "Leeward is pleased to be one of the early leaders in wind project repowering, bringing new technology to our proven sites for the benefit of customers and communities. GE brought new technology and deep project finance experience to make this repowering project work. With the passage of U.S. tax reform to continue to allow clean, low-cost wind investments, we look forward to continuing to partner with GE to grow and upgrade our portfolio."
Pete McCabe, President & CEO of GE's Onshore Wind Business, said "GE's repower offering for Sweetwater 1 & 2 enabled us to provide Leeward with increased reliability and availability for these turbines. We are delighted to collaborate with customers and bring new life and performance to existing assets, unleashing the potential of wind sites for years to come."
GE Renewable Energy also provides operations and maintenance for the Sweetwater sites. This move by Leeward away from the "self-perform" O&M model is in alignment with Leeward's financial and operational metrics for long term success.
"Partnering with Leeward on this project expands and continues our leadership in providing financing solutions for the U.S. wind repowering market. We look forward to working alongside Leeward and other GE customers in the future to bring innovative financing structures to wind projects," said Kevin Walsh, Managing Director and Head of U.S. Renewables at GE Energy Financial Services.
The repowering of Sweetwater 1 & 2 was completed on December 29, 2017.
About Leeward Renewable Energy, LLC
Dallas-based Leeward Renewable Energy, LLC is a growth-oriented limited partnership formed to own, operate, develop and acquire a diversified portfolio of renewable energy assets. Leeward maintains ownership and operating interests in 19 wind farms comprising 1,720 megawatts across the United States.
For more information about Leeward Renewable Energy, LLC, visit www.leewardenergy.com.
About GE Renewable Energy
GE Renewable Energy is a 10 billion-dollar start-up that brings together one of the broadest product and service portfolios of the renewable energy industry. Combining onshore and offshore wind, hydro and innovative technologies such as concentrated solar power and more recently turbine blades, GE Renewable Energy has installed more than 400+ gigawatts capacity globally to make the world work better and cleaner. With more than 22,000 employees present in more than 55 countries, GE Renewable Energy is backed by the resources of the world's first digital industrial company. Our goal is to demonstrate to the rest of the world that nobody should ever have to choose between affordable, reliable, and sustainable energy.
Follow us @GErenewables and www.gerenewableenergy.com.
About GE Energy Financial Services
A strategic GE Capital business, GE Energy Financial Services is a global energy investor that provides financial solutions that help meet the world's energy needs. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in long-lived and capital-intensive projects and companies. The firm has 35+ years of experience managing energy assets through multiple economic cycles, and a global portfolio that spans conventional and renewable power, and oil and gas infrastructure projects.
More information: www.geenergyfinancialservices.com; Twitter: @GEEnergyFinServ.
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GE Energy Financial Services
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