Tri Global Energy, an originator and developer of community sponsored, utility-scale wind energy projects, announced the close of a transaction with TERNA ENERGY, a member of GEK TERNA Group of Companies. The sale includes the acquisition, construction and operation of the Fluvanna Wind Energy Project, a 380-MW wind project located in Fluvanna, Texas.
Comprised of nearly 32,000 leased acres of privately owned farm and ranch-land, the Fluvanna wind farm is expected to generate enough electricity to supply 110,200 homes, depending on homeowner energy use.
Since founding Fluvanna Renewable Energy in March 2011, Tri Global Energy has been a manager, member, and the exclusive project developer.
“This is a visible sign of the power behind our community-based business model,” said John Billingsley, Tri Global Energy Chairman and CEO.
“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,” he added.
TERNA ENERGY, based in Athens, Greece, is a developer, owner and operator of 885 MW of renewable energy projects in operation or under construction in Europe and the U.S.
“Community-sponsored wind projects have been shown to create more jobs and greater local economic benefit,” said Billingsley. “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.”
The Fluvanna Wind Energy Project was developed under 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.
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 continued.
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.
Under the terms of the agreement, Tri Global Energy will work with TERNA ENERGY during the construction phase, up to the time when the project reaches commercial operation.
“This is a growth opportunity for our company and an exciting time for all parties involved,” he concluded. “We appreciate the relationship we’ve developed with TERNA, and we know TERNA ENERGY appreciates the local resources and is looking forward to becoming a part of the Fluvanna community.”