Sammons renewable energy and franklin park close financing and secure power price hedge for 163 mw texas wind farm gasbuddy login

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Dallas, Texas, May 07, 2018 (GLOBE NEWSWIRE) — Sammons Renewable Energy (SRE) today announced the closing of the hedge, tax equity, and construction financing for Midway Wind, a 163 MW wind farm project in Texas. Tax equity investors include a subsidiary of Citi and BHE Renewables, LLC, a wholly owned subsidiary of Berkshire Hathaway Energy Company. The construction debt facility was funded by subsidiaries of Siemens Financial Services and Citi. Simultaneous with the financial close, Midway Wind entered into a long-dated power price hedge agreement with an affiliate of Citi for a portion of the power generated by the wind farm. Franklin Park assisted with the structuring and financing on behalf of SRE.

“Midway’s location near Texas’ wind-rich Gulf Coast, and its proximity to the Electric Reliability Council of Texas’ (ERCOT) South Hub, position the development to fill an energy gap that will widen as coal-generation in ERCOT is retired,” said Heather Kreager, chief executive officer of Sammons Enterprises, the ultimate parent company of Sammons Renewable Energy. “By continuing to work with Apex Clean Energy, who will manage construction efforts, we are confident this project will be a valuable asset in our growing renewable energy portfolio."

“We are pleased to have successfully concluded the financing of the Midway Wind farm, and we look forward to growing our wind portfolio, and working with tax equity partners to finance future wind project acquisitions,” commented Kevin Lapidus, the Chief Investment Officer for Franklin Park.

The transaction contributes to Citi’s $100 billion Environmental Finance Goal to support environmental solutions and accelerate the global transition to a low-carbon economy. As part of its Sustainable Progress Strategy launched in 2015, Citi announced a landmark commitment to finance and facilitate a total of $100 billion over 10 years to finance activities that reduce the impacts of climate change and create environmental solutions that benefit people and communities.

Sammons Renewable Energy invests in and develops renewable energy projects in the U.S., Canada, and Mexico. The company identifies solar, wind and hydro related development opportunities over a minimum threshold of $40 million in value. Sammons Renewable Energy is a wholly owned subsidiary of Sammons Infrastructure, a Sammons Enterprises, Inc. company. Assets owned by Sammons Renewable Energy are managed by Franklin Park. For more information, visit www.sammonsenterprises.com.

Franklin Park develops, owns and manages infrastructure assets. Franklin Park has a diverse portfolio, including conventional and renewable electricity generation, electric distribution, rail and road transport, and supply chain logistics. Additional details can be found at www.frpark.com.

Apex Clean Energy develops, constructs, and operates utility-scale wind and solar power facilities across North America. Our mission-driven team of more than 200 renewable energy experts uses a data-driven approach and an unrivaled pipeline of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information on how Apex is leading the transition to a clean energy future, visit www.apexcleanenergy.com.

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Siemens Financial Services is the financing arm of Siemens AG (Berlin and Munich), a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for 170 years. The company is active around the globe, focusing on the areas of electrification, automation and digitalization. One of the world’s largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of efficient power generation and power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. The company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. With approximately 372,000 employees in 190 countries, Siemens reported worldwide revenue of $92.0 billion in fiscal 2017. Siemens in the USA reported revenue of $23.3 billion, including $5.0 billion in exports, and employs approximately 50,000 people throughout all 50 states and Puerto Rico. Further information is available on the Internet at www.usa.siemens.com/finance.