Quinbrook Commences Operations at $270 Million USD Persimmon Creek Wind Farm

11 Sep 2018

Quinbrook Infrastructure Partners ("Quinbrook"), a global investment manager specializing in lower carbon and renewable energy infrastructure assets, has announced the successful completion of construction and the commencement of commercial operations at the 200 megawatt (MW) Persimmon Creek wind farm in Oklahoma ("Persimmon"). 

Persimmon's construction was completed in under nine months by Wanzek Construction and utilizes 73 GE 2.5 MW turbines located across 17,000 acres in Dewey, Ellis and Woodward counties, Oklahoma. The Persimmon wind project is a joint venture between Quinbrook and Elawan Wind, USA and will be initially operated under a GE Full Service O&M Agreement.

Persimmon was financed with equity investments from both Quinbrook and Elawan along with tax equity investments from a consortium comprising of GE Energy Financial Services and J.P. Morgan. Construction lending was provided by ABN Amro, GE Energy Financial Services, MUFG and Rabobank. Persimmon will sell power into the Southern Power Pool (SPP) market under a long-dated energy hedge provided by an affiliate of Citi.

"We are delighted to have Scout's first wind farm project up and running and to have completed construction on time and on budget. We believe that Persimmon is an outstanding wind project located in a very robust wind regime," said Jeff Hunter, Senior Managing Director of Quinbrook. "The significant amount of tax equity financing we have secured from both GE and J.P. Morgan is testament to the quality and differentiation of the project and complements the development work undertaken by Scout's team together with operations affiliate Harvest Energy Services and, of course, our partner Elawan. This is an important milestone for Scout, which will now assist acceleration of the remaining projects in its diverse and growing wind power portfolio which Quinbrook and the Scout team have together expanded to over 2.3GW spanning 13 projects in 10 states." 

"Persimmon's successful completion is an important catalyst for Scout and paves the way for several additional Scout wind projects that are nearing completion of development and which are scheduled to commence construction over coming months. The Scout and Quinbrook teams worked closely with GE in late 2017 following the US tax reforms to ensure Persimmon would proceed when many other projects stalled. We acknowledge their efforts and those of our partner Elawan in successfully navigating many obstacles to get Persimmon built on time and on budget," said Michael Rucker, Chief Executive Officer at Scout Clean Energy.

Quinbrook | http://www.quinbrook.com