Swift Current Energy (“Swift Current”) announced that its 197 MW Castle Gap Wind project (the “Project”) located in Central Texas is now operational and providing power to Target Corporation (“Target”). Community leaders and the Project landowners from Mills and Lampasas Counties as well as representatives from Target and the Project financiers joined Swift Current at Castle Gap Wind last Wednesday to celebrate the Project’s completion.
Target is purchasing power from the Project under a long-term virtual power purchase agreement. Goldman Sachs provided the tax equity for the Project, which is currently producing enough pollution-free energy to power more than 50,000 homes annually[1]. Swift Current previously announced that Mitsubishi UFJ Financial Group (“MUFG”) and CaixaBank provided project financing.
“Castle Gap Wind is a momentous project for Swift Current Energy as we grow our projects under asset management and operations,” said Eric Lammers, CEO and Co-Founder, Swift Current Energy. “Castle Gap Wind is one of the earliest projects supported by the Inflation Reduction Act, and we are thankful for our partners at Target, Goldman Sachs, MUFG, CaixaBank and of course the entire Swift Current Energy team who helped make the Project possible.”
Swift Current is the long-term owner and operator of the Project. The greenhouse gas emissions avoided as a result of this wind project are equivalent to removing nearly 110,000 gasoline-powered cars[2] from the road each year.
“This Castle Gap Wind contract is a part of our commitment to renewable energy and is one example of how we are leveraging our size and scale to benefit people, the planet and drive our business forward,” said Erin Tyler, Target’s Vice President of Property Management.
“Goldman Sachs is pleased to partner with Swift Current Energy on their Castle Gap Wind project,” said Ryan Newman, Head of Tax Equity, Goldman Sachs. “Goldman Sachs is committed to financing the energy transition and supporting sponsors like Swift Current that are developing sustainable infrastructure in an effort to combat climate change.”
Vinson & Elkins LLP and Husch Blackwell LLP represented Swift Current Energy in the project financing transactions. Latham & Watkins LLP represented MUFG and CaixaBank. O’Melveny & Myers LLP represented Goldman Sachs. Jackson Walker LLP represented each of MUFG, CaixaBank, and Goldman Sachs with respect to Texas law matters.
