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Insurer Munich RE buys stake in Texan wind farms

UNITED STATES: German insurance group Munich RE has bought a minority stake in two identical 230MW wind farms in Texas from private investment firm Starwood Energy.

The Horse Creek and Electra wind farms went online last year (pic: Starwood Energy)
The Horse Creek and Electra wind farms went online last year (pic: Starwood Energy)

The insurers bought a 49% stake in the twin Horse Creek and Electra projects in Haskell and Wilbarger counties in north Texas from the Connecticut investors.

The two 230MW sites comprise 100 GE 2.3-116 turbines and both went online last year. General Electric also provides long-term service at the two sites.

Developer Lincoln Clean Energy began the construction of Horse Creek and Electra wind farms in 2014, before selling them to Starwood Energy a year later.

A Munich RE subsidiary, HSB Engineering Insurance, insures wind turbines, solar and photovoltaic installations, and other products associated with renewables.

Its policies cover damage, including breakdown, and business interruption during both the construction and operational phases of a project.

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