News
12 December 2018
Sammons Renewable Energy Adds 238 MW Texas Wind Project to Portfolio
Rio Bravo wind project acquired by Texas-based Sammons Renewable Energy from Longroad Energy Holdings
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.
07 May 2018
SAMMONS RENEWABLE ENERGY AND FRANKLIN PARK CLOSE FINANCING AND SECURE POWER PRICE HEDGE FOR 163 MW TEXAS WIND FARM
Dallas, Texas, May 07, 2018 (GLOBE NEWSWIRE) — Sammons Renewable Energy (SRE) today announced the closing of the hedge, tax equity, and construction financing for Midway Wind, a 163 MW wind farm project in Texas. Tax equity investors include a subsidiary of Citi and BHE Renewables, LLC, a wholly owned subsidiary of Berkshire Hathaway Energy Company. The construction debt facility was funded by subsidiaries of Siemens Financial Services and Citi. Simultaneous with the financial close, Midway Wind entered into a long-dated power price hedge agreement with an affiliate of Citi for a portion of the power generated by the wind farm. Franklin Park assisted with the structuring and financing on behalf of SRE.
09 January 2018
SAMMONS RENEWABLE ENERGY ACQUIRES 163MW TEXAS WIND DEVELOPMENT FROM APEX CLEAN ENERGY
Dallas, Texas, January 9, 2018— Sammons Renewable Energy (SRE) today announced the acquisition of Midway Wind, LLC from Apex Clean Energy. Franklin Park Investments identified and assisted with structuring the deal and closing the transaction on behalf of SRE. Located on the Texas Gulf Coast in San Patricio County, Midway Wind is a development project with plans including construction of 47 Siemens Gamesa G132 turbines for a total project capacity of 162.9MW. The project has an anticipated commercial operation date of December 2018.
“Midway’s location near Texas’ wind-rich Gulf Coast, and its proximity to the Electric Reliability Council of Texas’ (ERCOT) South Hub, position the development to fill an energy gap that will widen as coal-generation in ERCOT is retired,” said Heather Kreager, chief executive officer of Sammons Enterprises, the ultimate parent company of Sammons Renewable Energy. “By continuing to work with Apex Clean Energy, who will manage construction efforts, we are confident this project will be a valuable asset in our growing renewable energy portfolio.”
“Midway Wind yet again shows the promise and value of wind energy on the Gulf Coast of Texas. Our Gulf Coast projects were integral to establishing Apex’s long-term strategy and advancing a robust and diverse portfolio,” said Mark Goodwin, president and chief executive officer of Apex. “We are pleased to partner with Sammons Renewable Energy to bring Midway Wind to life, and we applaud SRE’s commitment to advancing clean energy across North America.”
“Having now acquired 397MWs of operating projects and 205MWs of construction and development stage projects on behalf of Sammons Renewable Energy, we are pleased to continue our renewable energy management relationship with SRE,” commented Tom Tribone, the Chief Executive Officer for Franklin Park.
“Midway is Sammons Renewable Energy’s first wind acquisition in our home state of Texas,” said Darron Ash, senior vice president of Sammons Enterprises. “Investing in the region by acquiring significant assets like Midway is critical to achieving our long-term vision of becoming a leading investor in the North American renewable energy market.”
The transaction closed on December 27. Akin Gump Strauss Hauer & Feld provided legal advice and Leidos Engineering, LLC provided engineering advice. Franklin Park Investments will manage this project on behalf of SRE. Details of the deal 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 Investments.
About Apex Clean Energy
Apex Clean Energy builds, owns, and operates utility-scale wind and solar power facilities. Apex was the U.S. market leader in 2015 and has brought nearly 1,700 MW online over the past two years. With a team of over 200 professionals and the nation’s largest wind energy project pipeline, Apex is a leader in the transition to a clean energy future. For more information, visit apexcleanenergy.com.
About Franklin Park Investments
Franklin Park Investments provides energy and infrastructure services in major global markets, including North and South America, Europe and Asia. Franklin Park’s activities include conventional and renewable electricity generation, electric distribution, rail and road transport and supply chain logistics.
Franklin Park Contact: Kevin Lapidus, Chief Investment Officer Phone: 301-500-8660 Email: Kevin.Lapidus@frpark.com
24 August 2017
Vienna, Virginia,–(GLOBE NEWSWIRE)–
Franklin Park Investments Helps Lead Sammons Renewable Energy Acquisition of 194 MW Solar Project Portfolio.
Franklin Park Investments (Franklin Park) today announced that it has helped lead the acquisition of a 194 MW portfolio of solar power plants on behalf of Sammons Renewable Energy (SRE), a wholly owned subsidiary of Sammons Infrastructure. Franklin Park manages renewable assets on behalf of SRE.
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7 June 2017
WASHINGTON–(BUSINESS WIRE)–Franklin Park Investments, the management company for Sammons Renewable Energy (SRE), announced today it would manage assets acquired from Sorgent.e Hydro Canada Corporation (SHC) on behalf of SRE. The acquisition includes two projects totaling 21 MW with long term Energy Purchase Agreements with BC Hydro as part of the purchase. Two additional projects totaling 21 MW have been assigned energy volumes under BC Hydro’s Standard Offer Program.
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22 December 2016
DALLAS–(BUSINESS WIRE)–Sammons Renewable Energy (SRE), a Sammons Enterprises, Inc. company, announced today that it led the equity portion of a $241 million cash equity transaction with SolarCity (SCTY). Franklin Park Investments manages SRE. As part of the deal, SRE is investing in a portfolio of solar projects in 16 states, including 26,000 home residential systems and 19 commercial and industrial solar projects. The financing is non-recourse to SolarCity.
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04 October 2016
Global Energy Awards – Franklin Park CEO Thomas Tribone Selected as 2016 Platts Global Energy Awards Finalist
NEW YORK–(BUSINESS WIRE)–Energy companies from 25 countries have been selected as Finalists for the Platts Global Energy Awards. The 2016 Finalists, chosen from over 170 nominees from 30 nominating countries, were announced by program host S&P Global Platts.
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