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Starwood Energy secures financing for 100MW wind project in Ohio, US

CTBR Staff Writer Published 03 November 2017

Starwood Energy has finalized agreements to finance and construct its 100MW Northwest Ohio Wind Project, located in Paulding County, Ohio in the US.

While an affiliate of Citi has agreed to offer tax equity for the project, Robobank will provide the construction and term debt. The Greenwich, Connecticut-based company did not reveal any further financial details.               

Starwood Energy Group Principal Alex Daberko said: "We are excited to have assembled a great team of trusted partners for Northwest Ohio Wind.

"We look forward to continued collaboration with the local community to make this project successful."

Starwood Energy acquired rights for the Northwest Ohio Project in 2014 from developer Trishe Resources

For Citi, this transaction is part of its $100bn Environmental Finance Goal to speed up the global transition to a low-carbon economy.

The project will feature GE’s 2.5MW-116 wind turbines and the electricity produced from the wind project will be sold to General Motors under a long term power purchase agreement (PPA).

White Construction has been given the contract to construct the wind farm. It is expected to complete the project in the fall of next year.

Rabobank project finance group managing director Tony Muoser said: "Rabobank is proud of our ongoing relationship with the Starwood Energy team.

"We are excited to partner with Starwood again and contribute to the successful completion of this project."

Power generated from the wind farm is equivalent to be supplied to 30,000 homes while offsetting 34,000 tonnes of CO2 emissions.

Image: Starwood will supply the energy generated from the wind farm to GM. Photo: Courtesy of Starwood Energy Group Global, LLC.