Dallas, Texas, Dec. 12, 2018 (GLOBE NEWSWIRE) -- Sammons Renewable Energy (SRE) today announced the acquisition of the 238 MW Rio Bravo wind project from Longroad Energy Holdings, LLC (Longroad). Rio Bravo is the second wind farm acquired by the company, bringing the wind portion of SRE’s portfolio to 400 MW. Franklin Park identified and assisted with the structuring and closing of the acquisition, and a subsidiary of Berkshire Hathaway Energy will provide tax equity financing to the project.

Located in Starr County, Texas, Rio Bravo includes 66 Vestas V136-3.6 MW turbines. The project is currently under construction and is expected to achieve commercial operation in the summer of 2019.

“The acquisition of Rio Bravo is another step towards achieving our long-term growth goals for SRE and towards securing our position as a presence in the North American renewables market,” said Heather Kreager, chief executive officer of Sammons Enterprises, Inc., the parent company of SRE. “We look forward to the completion of the construction phase of this project and to providing clean energy to the Texas market.”

“We are thrilled to have closed this transaction with Sammons Renewable Energy,” said Paul Gaynor, chief executive officer of Longroad. “We are proud of the work we did to make the Rio Bravo project a reality.”

“With the closing of this transaction, the SRE wind, solar and hydropower fleet now totals over 800 MW. This project expands our footprint in the ERCOT South region and should provide operational and financial synergies. We look forward to continuing to identify and acquire compelling renewable power projects in North America in order to continue growing the portfolio,” commented Tom Tribone, the chief executive officer of Franklin Park.

Once operational, Rio Bravo wind will produce enough electricity to power 76,000 US homes, and to reduce annual CO2 emissions equivalent to removing 126,000 cars from the road each year.

The transaction closed on December 11, 2018. Akin Gump Strauss Hauer & Feld provided legal advice, and Leidos provided engineering advice to SRE and Franklin Park. Longroad will provide construction management, asset management, and operations and maintenance services to the project. Franklin Park will manage the Rio Bravo project on behalf of SRE.

Financial details of the transaction were not disclosed.


About Sammons Renewable Energy

Sammons Renewable Energy invests in and develops renewable energy projects in the U.S., Canada, and Mexico. The company identifies solar, wind and hydro-related development opportunities over a minimum threshold of $40 million in value. Sammons Renewable Energy is a wholly owned subsidiary of Sammons Infrastructure, a Sammons Enterprises, Inc. company.  Assets owned by Sammons Renewable Energy are managed by Franklin Park. For more information, visit www.sammonsenterprises.com.

About Franklin Park

Franklin Park develops, owns and manages infrastructure assets. Franklin Park has a diverse portfolio, including renewable and conventional electricity generation, electric distribution, rail and road transport, and supply chain logistics. Additional details can be found at www.frpark.com.

Franklin Park Contact: Kevin Lapidus, Phone: (301) 500-8660, Email: Kevin.Lapidus@frpark.com

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns and operates nearly 700 MW of wind and solar projects across the United States in addition to operating and managing a further 552 MW of wind and solar projects on behalf of third parties. The Longroad team has developed and financed 3.8 GW of utility-scale renewable projects since 2004. Additional details can be found at www.longroadenergy.com.

Longroad is owned by The New Zealand Superannuation Fund, Infratil Limited, and management.

 

Christine Anderson
Sammons Enterprises, Inc.
214.210.5064
canderson@sammonscorp.com

Kevin Lapidus
Franklin Park
301.500.8660
Kevin.Lapidus@frpark.com