LLC and GE Complete Repowering and Financing For Sweetwater 1 & 2 Wind Farms

Leeward Renewable Energy, LLC today announced the successful completion of the repowering of the combined capacity 136 MW Sweetwater 1 & 2 wind farms in Nolan County, Texas. GE Renewable Energy is the wind turbine provider for the project and GE Energy Financial Services provided tax equity financing.

The Sweetwater 1 & 2 repowering program enhances performance by replacing major existing components and providing a material increase in annual energy production. Through the repowering project, the companies installed state-of-the-art technology at the facilities to increase the sites' efficiency, reduce costs and extend the life of some of Leeward's oldest operating assets. Sweetwater 1 & 2 wind facilities have been in operation since 2003 and 2005, respectively.

Greg Wolf, Leeward's Chief Executive Officer said "Leeward is pleased to be one of the early leaders in wind project repowering, bringing new technology to our proven sites for the benefit of customers and communities. GE brought new technology and deep project finance experience to make this repowering project work. With the passage of U.S. tax reform to continue to allow clean, low-cost wind investments, we look forward to continuing to partner with GE to grow and upgrade our portfolio."

Pete McCabe, President & CEO of GE's Onshore Wind Business, said "GE's repower offering for Sweetwater 1 & 2 enabled us to provide Leeward with increased reliability and availability for these turbines. We are delighted to collaborate with customers and bring new life and performance to existing assets, unleashing the potential of wind sites for years to come."

GE Renewable Energy also provides operations and maintenance for the Sweetwater sites. This move by Leeward away from the "self-perform" O&M model is in alignment with Leeward's financial and operational metrics for long term success.

"Partnering with Leeward on this project expands and continues our leadership in providing financing solutions for the U.S. wind repowering market. We look forward to working alongside Leeward and other GE customers in the future to bring innovative financing structures to wind projects," said Kevin Walsh, Managing Director and Head of U.S. Renewables at GE Energy Financial Services.

The repowering of Sweetwater 1 & 2 was completed on December 29, 2017.

Source: General Electric (GE)
Date: Jan 11, 2018