Terna Energy signs deal with CIP for RES investment in US

TERNA ENERGY, a member of the GEK TERNA Group, has signed a cooperation agreement with Copenhagen Infrastructure Partners (CIP) regarding a TERNA ENERGY investment plan for the US renewable energy (RES) market, the company announced in a statement released today.

The first phase of the agreement’s implementation concerns a 155.4 MW Fluvanna I wind farm currently being constructed by TERNA ENERGY in Scurry County, Texas. CIP will contribute $61 million to cover part of the development cost. The project’s total investment cost exceeds $250m. Goldman Sachs will also participate, contributing funds of up to $150 million during operation, while financing during construction will be covered by a group of banks, including HSBC, NordLB, Morgan Stanley and Rabobank.

Fluvanna I is being equipped with GAMESA wind turbines and is expected to commence commercial operations in the fourth quarter of 2017.

TERNA ENERGY already operates a wind park with a capacity of 138 MW in Elmore County, Idaho, and is pursuing additional investments in the US renewables market. These include construction of another wind park (Fluvanna II, 130 MW). CIP has also expressed an interest to invest in its construction.

The total installed capacity of the TERNA ENERGY corporate group amounts to 738 MW. The group maintains installations of 468 MW in Greece, 138 MW in the US, 102 MW in Poland and 30 MW in Bulgaria.

The corporate group also maintains RES installations currently under construction or ready for construction with a capacity of 242 MW in Greece and abroad.

Overall, the company operates, is constructing or has full licensing of 980 MW of RES installations in Europe and America. The company is targeting to reach nearly 1,000 MW of RES projects over the next few years in countries where it is active.