OwnEnergy, a community scale wind energy developer that enables landowners and communities to build and profit from their own local wind farms entered into an agreement with a fund managed by BlackRock, an investment management, risk management, and advisory services company. BlackRock will purchase the majority interest for the Windthorst-2 project. Construction financing will be provided by Morgan Stanley and its affiliates while J.P. Morgan will provide institutional equity.
In the agreement, BlackRock acquired OwnEnergy’s latest project in Windthorst, Texas on December 6, 2013. When completed, the wind farm will generate 68 MW of wind power on to the state’s power grid.
OwnEnergy will maintain minority ownership interest but will manage construction, and oversee operations once it comes online.
OwnEnergy Founder and CEO Jacob Susman stated that the completion of Windthorst-2 will mark the fifth successful project, and add more than 210 MW to the company’s portfolio. The Windthorst-2 project will also bring approximately $42.8 million in economic impact to the region.
Construction is scheduled to begin in December 2013, with commercial operations expected in fall 2014.
The project is expected to create up to 125 jobs during construction and up to seven permanent positions during operation.
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