April 16, 2019
Engie North America has signed another Proxy Revenue Swap; this time for its 160mw wind project, Jumbo Hill, in Texas.
HOUSTON–(BUSINESS WIRE)–ENGIE North America Inc. today announced the start of construction of the Jumbo Hill Wind Project, located in Andrews County, Texas. With a total capacity of approximately 160 MW, Jumbo Hill is scheduled to be online by spring of 2020.
Jumbo Hill will provide energy and Renewable Energy Credits generated by the Project to a corporate customer under a virtual Power Purchase Agreement (PPA), and has also entered into a Proxy Revenue Swap for a portion of its generation with Allianz Global Corporate & Specialty’s specialist weather risk team, in collaboration with its partners at Nephila Climate. REsurety Inc provided risk analytics supporting the Proxy Revenue Swap transaction and will serve as the calculation agent on an ongoing basis.
Jumbo Hill will use 57 GE Renewable Energy turbines, each with 127-meter rotors and a capacity of more than 2 MW, and the balance of the facility will be built by Wanzek Construction, Inc. The total capital investment of the Project is over $150 million, and there will be up to 250 people employed at the site during the height of construction activity. The Project will also generate significant economic development in the local area: annual payments to landowners will total millions of dollars over the life of the Project, combined with purchases of local goods and services, and nearly $30 million in payments to the various taxing entities. The Project is expected to employ up to 12 people long-term. The Project is part of the portfolio acquired in 2018 by a subsidiary of ENGIE North America from Infinity Power Partners, a joint venture between Infinity Renewables and MAP® Energy.
“ENGIE is thrilled to be announcing our fifth wind project to start construction over the past year,” said Emily Cohen, Vice President of Commercial Strategy within ENGIE North America’s wind development team. “The construction of the Jumbo Hill Project will take ENGIE North America’s renewable generation built or under construction to more than 1.5 GW of capacity. It is a strong project in a unique location in West Texas, and we expect it to complement and help grow the evolving industries in the region.”
About ENGIE in North America Inc.
ENGIE North America manages a range of energy businesses in the United States and Canada, including clean power generation, cogeneration, and energy storage; retail energy sales; and comprehensive services to help customers run their facilities more efficiently and optimize energy and other resource use and expense. Nearly 100 percent of the company’s power generation portfolio is low carbon or renewable. Globally, ENGIE is the largest independent power producer and a leading energy efficiency services provider in the world, with operations in 70 countries employing 160,000 people, including 1,100 researchers in 12 R&D centers. For more information, please visit www.engie-na.com, @ENGIENorthAm, and www.engie.com.
About MAP® Energy
MAP® Energy is a leading investor in the development of renewable energy projects and has funded more than 10,000 megawatts of operating wind and solar generating capacity located across the United States. More information is available at www.map-energy.com.
Reposted as in BusinessWire.