The company also closed structured equity financing from GE Energy Financial Services and MUFG Union Bank and sold 50% of its stake in the wind project to UBS International Infrastructure Fund.
Located 40 miles west of Amarillo, Spinning Spur II features 87 GE 1.85MW, 87m rotor wind turbines and the generated electricity will be sold under a 11-year purchase agreement.
Spinning Spur II will use the new competitive renewable energy zones (CREZ) transmission line in the panhandle to transport electricity to homes and businesses.
EDF Renewable Energy president and CEO Tristan Grimbert said: "The announcement today exemplifies EDF Renewable Energy’s strategy to develop renewable energy projects with strong local community support, and first tier equipment suppliers and contractors, and then invite the investment from longstanding financial partners."
"EDF RE will retain substantial ownership in the facility and bring our expertise in operations and maintenance through EDF Renewable Services to optimize long-term investment profitability."
The project will generate electricity which would power approximately 44,000 homes while avoiding approximately 332,000t of greenhouse gas emissions annually, according to US Energy Environmental Protection Agency methodology.
UBS International Infrastructure Fund Americas head Floyd Gent said: "Our investment in Spinning Spur II demonstrates our commitment to seek out infrastructure projects which generate stable, long term returns for the Fund consistent with our investment objective."
