EDF to sell 50% stake in Texas wind farm to UBS

EDF Renewable Energy has agreed to sell a 50% stake in the 161MW Spinning Spur 2 wind farm project in Texas, US to UBS International Infrastructure Fund.

Located in Oldham County Texas, the plant will feature 87 General Electric 1.85 MW wind turbines.

Construction on the plant, which was started in June 2013, is expected to be completed by July 2014.

EDF said the project will be one of the first to take advantage of the new Competitive Renewable Energy Zones transmission lines linking the wind generating capacity of the Texas Panhandle to high electricity demand areas in the state.

EDF Renewable Energy divestiture and portfolio management director Raphael Declercq said the transaction model allowed the company to partner with a partner like UBS Infrastructure early in the project lifecycle.

"EDF Renewable Energy will remain in charge of development, construction and tax-equity financing until commercial operation is achieved; we will then bring in our expertise in operations and maintenance through EDF Renewable Services to optimize both partners’ long-term investment profitability," Declercq added.

The project will be the fund’s sixth investment and its second renewables acquisition.

UBS International Infrastructure Fund head of Americas Floyd Gent said, "Spinning Spur II, upon completion of its construction, is expected to generate stable, long term returns for the Fund, consistent with our investment objective."