News from Tri Global Energy

Tri Global Energy Reaches Financial Close for Panhandle Wind Energy Project

Tri Global Energy Reaches Financial Close for Panhandle Wind Energy Project
Tri Global Energy Reaches Financial Close for Panhandle Wind Energy Project
  • Wind project previously owned and developed by Tri Global Energy; current owner and operator is Terna Energy S.A.
  • 155 MW wind project expected to be operational in late 2017
  • Project currently under construction
  • Gamesa to supply nearly 100 turbines of 2.1 MW

DALLAS (Dec. 31, 2016) -- Tri Global Energy, a leading U.S. originator and developer of utility-scale wind energy projects, today announced that the 155 MW Fluvanna Wind Energy 1 project has reached financial close.  

Comprised of 32,000 leased acres of privately owned farm and ranch land in Fluvanna, Texas, Fluvanna 1 is now owned and will be operated by Terna Energy S.A.

The Fluvanna Wind Energy 1 project was developed under previous owner Tri Global Energy's proprietary business model, the Wind Force Plan, which allows local landowners and community investors the opportunity to partner with and have a substantial ownership in the wind project development that leased their land.

Since founding Fluvanna Renewable Energy LLC in March 2011, Tri Global Energy has been a manager, member and the exclusive project developer.

“We are very pleased to announce this important milestone,” said John Billingsley, Chairman and CEO of Tri Global Energy.

“This is a visible sign of the power behind our community-based business model,” Billingsley said. “Our relationship with TERNA ENERGY will help us deliver on our promise to positively impact the projects’ host community economies through employment opportunities and tax revenues; generate a substantial rate of return to local community investors; and to generate a second source of income in the form of wind royalties for farmers and landowners.

“Community-sponsored wind projects have been shown to create more jobs and greater local economic benefit,” Billingsley said. “Through our partnerships with the community managers and more than 130 landowners and community investors participating in the Fluvanna project, we've been able to work together to bring about a high level of local support and attention for wind energy.”

As a founder and developer of the Fluvanna project, Tri Global Energy evaluated the potential of the site, considering the wind resource quality, ability to obtain permits, access to transmission, impact on the surrounding environment and consistency with current land uses and constructability.

“We develop quality projects by leveraging third-party expertise that is highly regarded in the renewable industry, assuring our projects are readily financed by the power producers and other leading energy investment institutions in the U.S.,” Billingsley said.

The measured wind speeds and capacity at the Fluvanna Wind Energy are among the best in the world, according to Tri Global Energy. Once the project achieves commercial operation, it will use the ERCOT (Electricity Reliability Council of Texas) CREZ (Competitive Renewable Energy Zone) transmission system.

 

About Tri Global Energy

Tri Global Energy (TGE) is an independent renewable energy originator and developer in the U.S. The company is a leading wind developer in Texas and is among the top five in the U.S. for projects under construction. Nearly 3,500 megawatts of TGE’s development projects are either in financing, construction or operation, including wind, solar and energy storage projects.

Founded in 2009, Tri Global Energy’s mission is to improve communities through local economic development generated by originating and commercializing renewable energy projects. The company currently develops and owns utility-scale wind and solar energy projects in Texas, Nebraska, Illinois, Indiana and Virginia. Tri Global Energy is headquartered in Dallas with regional development offices in Lubbock, Texas; El Paso and Forreston, Illinois and Hartford City, Indiana. For more information, visit www.triglobalenergy.com.