Clearway Energy secures financing, initiates repowering of South Texas wind farm
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Clearway Energy Group announced the successful closure of financing and the commencement of repowering construction for its Cedro Hill wind farm located in Webb County, Texas.
Once completed, the repowered project is expected to generate enough energy to power nearly 40,000 households during peak hours.
The Cedro Hill repower involves an investment of $269 million and this decision to repower the wind farm will increase the operational life of the farm and extend property taxes and landowner payments to Webb County by approximately $27 million.
To fund the repowering project, Clearway secured $261 million in financing through construction, term loans, and letters of credit facilities from a group of banks.
The group of banks included institutions like DNB Markets, Inc., Canadian Imperial Bank of Commerce, New York Branch, National Australia Bank Limited, and Deutsche Zentral-Genossenschaftsbank, New York branch.
Also read: Wind farms supplied 34% of Ireland’s electricity in the first half of 2024, report says
Chris Fox, Senior Vice President of Construction at Clearway Energy Group, said, “Our Cedro Hill repowering is our most recent example of how Clearway is upgrading its sizeable existing fleet to deploy resilient, state-of-the-art technology on sites that have proven, high-quality wind resources.”
He added, “As a long-term owner and operator, we are pleased that repowerings like Cedro Hill deliver decades of more value for our local landowners and communities.”
This will be the energy group’s fifth wind farm repower in Texas and its sixth overall, representing over 700 MW of upgrades to implement advanced, resilient technology in locations with abundant wind resources.
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