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United States

Starwood secures financing for Stephens Ranch

UNITED STATES: Starwood Energy Group has secured financing to build a 165MW wind project in Texas.

The first phase of Stephens Ranch should be completed by the end of 2014
The first phase of Stephens Ranch should be completed by the end of 2014

The Mitsubishi UFJ Financial Group, US bank Citigroup and financial services provider Morgan Stanley agreed a deal with Starwood to invest tax equity in the projects, with the developer arranging the full cash equity.

The Stephens Ranch II wind farm will be the second phase of a 377MW project in Texas and use GE's 1.7MW turbine when construction is completed in 2015. Wanzek Construction has been hired to complete the build.

Stephens Ranch II is located 72 kilometres south of the city of Lubbock, in the north-west of the state.

The first 211MW phase of Stephens Ranch reached financial close in January, with GE, Santander and Citigroup providing support. The first phase should be completed by the end of 2014.

Starwood acquired the Stephens Ranch project from US developer Mesa Power in 2013.

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