Copenhagen Infrastructure Partners (CIP) have, through the fund Copenhagen Infrastructure II K/S, provided a $61m mezzanine loan for the construction of the onshore wind farm Fluvanna I in Scurry County, Texas (“Fluvanna I”). Fluvanna I is owned and will be operated by Terna Energy S.A. (“Terna”). The total investment in Fluvanna I will be $251m.
Fluvanna I will consist of seventy-four 2.1 MW Gamesa turbines for a total project rated output of 155.4 MW. Fluvanna I is expected to commence commercial operations in the fourth quarter of 2017.
Fluvanna I will be constructed and the turbines erected by Wanzek, a leading EPC contractor in the US onshore wind market. Gamesa will provide operational and maintenance services for the turbines and Terna will be responsible for the operation, maintenance and management of the wind farm.
Terna is part of the GEK TERNA group and is focused on renewable energy development and production. Terna has approximately 1GW of wind power in operation and under construction globally. Terna’s existing wind farms are located in the USA, Bulgaria, Greece and Poland.
CIP and Terna intend to continue to jointly develop wind farms in Texas, beginning with the Fluvanna II wind farm project adjacent to Fluvanna I with an expected output of 130 MW.
“Fluvanna I is our first investment in partnership with Terna Energy. We are very pleased with working closely together with a technically skilled partner and look forward to successful completion of the onshore wind project in cooperation with all project stakeholders”, commented Christian Skakkebæk, Senior Partner in CIP.
“The Fluvanna I project is our second US onshore wind project and the first in our Texas portfolio to reach Financial Close Date. We are pleased with our cooperation with CIP that includes plans for two additional projects”, commented Emmanouel Moustakas, CEO of Terna Energy USA Holdings Corp.
Terna Energy S.A.
Terna Energy is a renewable energy sources company undertaking the development, construction, financing, and operation of renewable energy projects (wind, hydro, solar, biomass, waste management). Terna Energy invests its own capital in the development of new electrical energy production units, develops new installations by utilizing its specialized personnel and own infrastructure / equipment for wind measurement, energy capacity planning, permission and construction procedures and owns and commercially operates its energy units. Terna Energy is part of the GEK Terna Group and is listed on the Athens stock exchange (ticker: TENERGY).
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners P/S (CIP) is a fund management company focused on energy infrastructure including offshore wind, onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, and other energy assets like reserve capacity and storage. CIP has approximately 110 employees and offices in Copenhagen, Taipei, New York, Tokyo, Utrecht, and London.
CIP manages six funds and has more than EUR 8 bn under management. CI I, CI A I and CI A II have PensionDanmark as founding- and sole investor. CI II has 19 Danish and international institutional investors and CI III has 42 institutional investors from the Nordics, Continental Europe, the UK, Israel, Asia, Australia, and multi-lateral organizations e.g. EIB. CI NMF I has 15 investors from the Nordics and Continental Europe.
CIP was founded in 2012 by senior executives from the energy industry in cooperation with Pension Denmark.