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Energy - JULY 6, 2021

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Starwood Energy acquires 252MW renewable portfolio in the U.S.

by Kali Persall

Starwood Energy Group Global has acquired a 252-megawatt portfolio of operating renewable assets from Consolidated Edison Development Inc.

Financial terms were not disclosed.

The portfolio consists of Coram Wind, a 102-megawatt wind farm located in Tehachapi, Calif., and Crane Solar, a 150-megawatt solar project located in Crane, Texas, as well as an adjacent 25-megawatt battery development.

Coram Wind and Crane Solar are fully contracted through power-purchase agreements with Pacific Gas & Electric and Vistra Corp., respectively, each with roughly 11 years of remaining contract life.

Alex Daberko, a managing director at Starwood Energy, said the projects add geographic and resource diversity to the firm’s existing renewables platform, in addition to significant opportunities for future growth and optimization.

The transaction was financed through two separate bank loans, led by MUFG, CIT Bank, and Nomura Securities International, Inc.

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