Sault Ste. Marie, ON, Canada
Berlin, NH, United States
Gainesville, FL, United States
Fresno, CA, United States
Denver, CO, United States
Ashley, OH 43003, USA
Vernon, CA, United States
Horse Creek Wind, LLC, Haskell County, TX, United States
Swedesboro, NJ 08085, USA
Carneys Point, NJ 08069, USA
Morgantown, WV 26505, USA
Osceola, AR 72370, USA
Coram Wind and Crane Solar are located in Kern County, CA and Crane County, TX respectively. Coram is a 102MW wind project that sells capacity, energy and renewable energy credits to Pacific Gas and Electric under a power purchase agreement (“PPA”) through 2032. Crane is a 150MW AC solar project that sells energy and renewable energy credits to a subsidiary of Vistra Corporation under a PPA through 2032. Starwood Energy acquired the projects from Con Edison Development in 2021.
Shannon Wind is a 204MW wind project located in Clay County, Texas. Starwood Energy and Alterra Power Corp. own the sponsor interests in the project through a 50/50 joint venture partnership.
Construction financing for the project closed in June 2015 and it was completed in December 2015 on-time and under-budget.
The project benefits from 13-year offtake agreements and tax equity financing, which was used to repay construction debt at commercial operation. The project also entered into a 13-year Renewable Energy Credit purchase agreement with Facebook, Inc.
Stephens Ranch is a 376MW, two-phase wind project located 45 miles south of Lubbock, Texas.
Starwood Energy began construction on the projects in December 2013 through separate project financings for each phase. The 211MW Phase I project was completed in November 2014 and the 165MW Phase II project was completed in May 2015.
Both phases benefit from 13-year offtake agreements with Citigroup and tax equity financing, which was used to repay construction debt at commercial operation. Construction of each phase was completed on-time and under-budget.
Starwood Energy owns a minority interest in two transmission lines that it acquired from the City of Vernon in California. The Mead-Adelanto project is a 1,296 MW, 500 kV AC transmission line that extends 202 miles from Southern Nevada to Southern California. The Mead-Phoenix project is a 1,900 MW, 500 kV AC transmission line that extends 256 miles from Southern Nevada to Central Arizona. These transmission projects generate stable, regulated cash flows.
Hudson is a 660 MW, 345 kV transmission line connecting Ridgefield, N.J. with Midtown Manhattan. This critical infrastructure project includes approximately eight miles of buried transmission cable, four miles of which is beneath the Hudson River. Operating under a 20-year capacity purchase agreement, Hudson helps the New York Power Authority meet reliability standards for New York City. It also established a link to the larger and more diverse PJM electricity market, the regional grid that includes power producers in 12 states stretching from
Neptune is a subsea, 65-mile, 660 MW high voltage DC transmission line that interconnects the Long Island Power Authority with the PJM regional transmission organization in Sayreville, NJ. The project began commercial operations in June 2007 on-schedule and under-budget. Neptune has historically met roughly 20% of Long Island’s annual power needs and generates stable, contracted cash flows through a 20-year firm transmission capacity purchase agreement with the Long Island Power Authority. Neptune won the North American Infrastructure Deal of the Year Award from Project Finance Magazine in 2005. Starwood Energy sold its interests in Neptune to Northwestern Mutual in April 2014.
Edgewater Generation is a portfolio of five natural gas-fired facilities. Fairless Energy Center (1,240 MW), Manchester Street Station (510 MW), and Garrison Energy Center (325 MW) are combined cycle facilities located in Fairless Hills, PA, Providence, RI, and Dover, DE, respectively. West Lorain Power (545 MW) and RockGen Energy (503 MW) are simple cycle facilities located in Lorain, OH and Cambridge, WI. Fairless and Garrison sell capacity and energy into the constrained PJM EMAAC region while West Lorain sells into the nearby constrained PJM ATSI region. Manchester and RockGen sell capacity and energy into the ISO-NE and MISO regions, respectively. Garrison, Manchester Street, West Lorain and RockGen also benefit from dual fuel capabilities. Starwood Energy acquired Fairless and Manchester from Dominion in December 2018, West Lorain from First Energy in March 2019, and RockGen and Garrison from Calpine in July 2019.
The Excalibur Power Portfolio consists of interests in three thermal facilities located in New Jersey (Logan – 225MW and Chambers – 262MW) and Arkansas (Plum Point – 680MW). The facilities are located in the PJM and MISO regional markets, respectively. The projects derive a significant majority of their revenue from availability-based power purchase agreements with investment-grade off-takers.
Additionally, two of the facilities sell steam under long term steam sales agreements. Starwood Energy announced the acquisition of the Excalibur Power Portfolio in late 2017, and closed the acquisition in early 2018. The portfolio also included the Morgantown facility, which was sold in June 2020
Dighton Power and Milford Power are located in Dighton, MA and Milford, MA respectively and sell capacity and energy into the ISO-NE market. Dighton Power is a 177 MW combined –cycle, natural gas-fired facility. Milford Power is a 163 MW combined-cycle, natural gas-fired facility. Starwood Energy acquired the projects from Dynegy in 2017.
Marcus Hook Energy Center, located southwest of Philadelphia, PA is comprised of an efficient 848MW 3×1 combined cycle natural-gas fired power plant and MH50, a 50MW peaker. The plants are contained within the Sunoco Logistics refinery, to which the plants have historically sold process steam. The combined cycle facility, constructed in 2004, has a long-term capacity contract with Long Island Power Authority through 2030 and sells energy into the constrained PECO region of PJM. The MH50 peaker was retiredas planned in May 2019. Starwood Energy acquired the projects from NextEra Energy in 2016.
Greenleaf 1 & 2 are two 49.5MW gas-fired generation facilities located in Yuba City, California. Both facilities were fully contracted to PG&E and Greenleaf 2 also sells process steam to an adjacent food processing facility. Greenleaf 1 was retired as planned following the expiration of its PG&E contract. Starwood Energy acquired the projects from MUFG in June 2016.
The Northeast Natural Gas Portfolio consists of two combined cycle facilities in New York (Beaver Falls – 108MW, and Syracuse – 103MW), and one simple cycle facility in Pennsylvania (Hazleton – 158MW). The facilities sell power and capacity in the New York and PJM regional markets, respectively. Beaver Falls and Hazleton also benefit from dual fuel capabilities. Starwood Energy announced the acquisition of the Northeast Natural Gas Portfolio in late 2014, and closed the acquisition in early 2015.
Quail Run Energy Center, located near Odessa in West Texas, began commercial operations in 2007 and has a nominal capacity of 550 MW. The facility provides electric power to the Electric Reliability Council of Texas (ERCOT) system, a power market serving 24 million Texas customers and representing about 90 percent of the state’s electric load. Starwood Energy announced the acquisition of Quail Run in late 2014, it closed the acquisition in early 2015, and now provides business operation and management services for the facility.
Morgantown Energy Associates (“MEA”) owned a 62MW facility located in PJM and was acquired by Starwood Energy as part of the Excalibur portfolio in 2018. The project had a long term Electric Energy Purchase Agreement (“EEPA”) with Monongahela Power Company (“Mon Power”), a subsidiary of FirstEnergy Corp through 2027. The EEPA was terminated by MEA and Mon Power in 2019 and facilitated the early retirement of inefficient coal-fired electrical production at the facility, which has been in service since 1991. Starwood led the transition to natural gas-fueled steam-only production to support the project’s obligations with West Virginia University (“WVU”), providing reliable steam supply through existing and new infrastructure investments.
The EEPA agreement termination ended electric production and eventual shutdown of the waste coal boilers which will provide numerous benefits to the Morgantown, WV community.
Thermo is a 272 MW combined-cycle power plant and associated greenhouse steam-host located approximately 25 miles northeast of Denver, CO. The project is fully contracted through 2019 via tolling agreements with the Public Service of Colorado and the Tri-State Generation & Transmission Association. Thermo is a key resource for Colorado because it serves as “spinning reserve” capacity, which can be brought online quickly to meet fluctuations in net power supply and demand caused by a heavy reliance on intermittent renewable generation. In December 2011, Starwood Energy sold its equity interests to the Tri-State Generation & Transmission Association, a non-profit electric cooperative, and the project’s largest purchaser of power and capacity.
Midway is a 120 MW simple-cycle peaking plant, located 60 miles west of Fresno, CA, that was developed exclusively by Starwood Energy. The project closed financing in March 2008 and was completed in May 2009, on-time and on-budget. Starwood Midway generates contracted cash flows under a 15-year power purchase agreement with Pacific Gas & Electric. Starwood Energy sold its interests in the company to affiliates of Carlyle Infrastructure Partners in September 2013.
CalPeak is a portfolio of five simple-cycle, natural gas-fired peaking projects in California with a total capacity of 260 MW. The plants are fully contracted with the California Department of Water Resources through 2011. Starwood Energy acquired the plants from United Technologies Corp. in May 2006. The financing for the acquisition was named the “North America Portfolio Financing Deal of the Year” in 2006 by Project Finance Magazine. Starwood Energy sold its interests in the company to affiliates of Carlyle Infrastructure Partners in September 2013.
Richland and Stryker are, respectively, 444 MW and 20 MW simple cycle power plants located in Northwest Ohio. The projects are situated within the constrained ATSI zone and participate in the PJM forward capacity market. Starwood Energy was the largest investor in a consortium that acquired the projects from FirstEnergy Generation Corp. in 2011.
Starwood Energy and its partners closed the sale of Richland and Stryker to Energy Capital Partners in December 2013.
Lavaca Midstream is an approximately 260 mile, recently constructed natural gas gathering and compression system located in Lavaca County, South Texas. The system provides gas gathering and compressed gas re-injection services to local oil and gas producers in the Eagle Ford Shale. Starwood Energy acquired Lavaca Midstream from Third Coast Midstream, LLC in December 2019.
Gulf Coast Ammonia (GCA) is a construction-ready 1.3 million ton per year ammonia facility located in Texas City, Texas and will be the world’s largest single-train ammonia synthesis loop once completed. Construction is slated to begin in early 2020 with commissioning expected in the first half of 2023. The long-term cash flows of the facility are supported by 15-year off-take agreements.