Renewables

Unrealized

Crane Solar

Crane 150MW AC located in TX

 

 

 

Crane, located in Crane County, TX, 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 project from Con Edison Development in 2021. Crane was part of a portfolio that also included Coram Wind, which was sold in December 2021.

 


Shannon Wind

Shannon Wind

Shannon Wind 204 MW

 

 

 

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 Wind Energy I & II

Webstie Stephens Ranch

Wind Project:  211.2 MW(Stephens Ranch I) , 164.7 MW (Stephens Ranch II)

 

 

 

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.


Realized

Coram Wind

Coram a 102MW in Kern County, CA

 

 

Coram, located in Kern County, CA, 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. Starwood Energy acquired the project from Con Edison Development in 2021 along with Crane Solar. The project was sold to NextEra Energy in December 2021.

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Horse Creek and Electra


Wind Project: Horse Creek & Electra 230 MW (each)

Wind Project: Horse Creek & Electra 230 MW (each)

 

 

Horse Creek and Electra Wind are two 230MW wind farms located in Haskell and Wilbarger Counties, Texas.  Each project consists of 100 GE 2.3-116 wind turbines.  The projects benefit from 13-year offtake agreements with Bank of America Merrill Lynch and long-term fixed-price service agreements from GE.

Horse Creek and Electra closed construction debt and tax equity financing commitments in late 2015 and early 2016, respectively, and achieved commercial operation in late 2016.  Starwood Energy sold its interests in the projects to MEAG, the investment arm of MunichRE, and Skyline Renewables in separate transactions in 2017 and 2018, respectively.


Northwest Ohio

100MW Wind Farm, Ohio

 

 

Northwest Ohio Wind is a 100MW wind farm located in Paulding County, Ohio. The project closed financing in October 2017 and achieved commercial operation in August 2018.  The project is contracted to General Motors for 100% of the project output under a long-term power purchase agreement.

Starwood Energy sold its interests in Northwest Ohio Wind to an affiliate of CMS Energy, simultaneous with project completion.


Gainesville Renewable Energy Center (GREC)

Website Gainesville

Wood Biomass Capacity: 100 MW

 

 

One of the largest biomass power plants in the US, Gainesville Renewable Energy Center (GREC) is a 100 MW wood-fired power plant located in Gainesville, FL. The project sells energy, capacity and environmental attributes to the City of Gainesville, Florida d/b/a Gainesville Regional Utilities under a 30-year power purchase agreement. The project was completed in late 2013, on time and under budget. GREC was named “2011 Biomass Deal of the Year by Project Finance Magazine.


Berlin Station

Burgess_IMG_4603

Wood Biomass-Fired Power Plant,  75 MW

Berlin Station is a 75 MW wood-fired power plant in Berlin, NH, making it one of the largest biomass power plants in the Northeast. The project was completed in 2013 and sells its energy, capacity and renewable energy credits to the Public Service Company of New Hampshire under a 20-year power purchase agreement.

In September 2015, Starwood Energy sold its interest in Berlin to affiliates of one of the other owners of the project


Starwood Solar Sault Ste. Marie (“SSM”) I, II, and III

website SSM Projects

Solar PV Capacity,  68.8 MW DC

Starwood Energy developed a 69 MW DC solar photovoltaic project in Sault Ste. Marie, Ontario, Canada. The project was completed in three phases between 2010 and 2011, all three of which were delivered on-time and under-budget. Power from the facilities is sold through 20-year power purchase agreements under the Ontario Power Authority’s Renewable Energy Standard Offer Program (RESOP). The financing of the first phase, which closed in December 2009, was one of the year’s

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largest solar project financing in North America. The financing of the second and third phases closed in September 2010 and June 2011, respectively. At the time of its completion, the project was among the largest photovoltaic facilities in North America.  In February 2013, the project was sold to an investment vehicle formed by KKR’s Global Infrastructure Fund.


Nautilus Solar Energy

Website Nautilus

Acquisition of 98.5% equity interest in Nautilus Solar Energy LLC

 

 

In December 2008, Starwood Energy acquired Nautilus Solar Energy, a leading, fully integrated, solar independent power producer that develops, constructs, finances, owns and manages distributed solar generation systems across North America. Starwood Energy had an extensive track record of working with Nautilus principals prior to acquiring the company. Under Starwood Energy’s ownership, Nautilus constructed or managed over $400 million in solar systems throughout the United States and Canada, representing over 100 megawatts in nearly 80 different projects.

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In mid-2014, Nautilus sold its operating assets to TerraForm Power, Inc. (pre-IPO).  In September 2015, Starwood Energy sold its interest in Nautilus in a buy-out led by Nautilus’s management who partnered with Virgo Investment Group.


Transmission

Unrealized

Startrans (aka, “Meads Transmission”)

Regulated High Voltage Transmission Lines, 1,296 MW (Mead Adelanto), 1,900 MW (Mead Phoenix)

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.


Realized

Hudson Transmission

Capacity: 660 MW

Underground / Sub-sea Trans,  660 MW

 

 

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

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Pennsylvania to North Carolina and westward to Illinois. The project began construction in 2010 and achieved commercial operation in the summer of 2013,on-time and under-budget. Starwood Energy sold its interest in Hudson to Argo Infrastructure in March 2019.


Neptune Regional Transmission System

 High Voltage DC Transmission, 660 MW

 

 

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.

Thermal Power Generation

Unrealized

Edgewater Generation Portfolio


Manchester Street Station 510 MW)

 

 

Edgewater Generation is a portfolio of four 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) is a simple cycle facilities located in Lorain, OH. 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 sells capacity and energy into the ISO-NE region. Garrison, Manchester Street and West Lorain 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 Garrison from Calpine in July 2019. The portfolio also included the RockGen Energy facility, which was sold in December 2021.


 

Excalibur Power Portfolio


Plum Point thermal generation, Osceola, AR

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


Dighton Power is a 177MW, Milford 163MW combined-cycle,

 

 

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


marcus-hook-6

 

 

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


Greenleaf website

 

 

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 Portfolio


 

 

 

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


Combined-Cycle, Natural Gas-Fired Plant, 550 MW

 

 

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.


Realized

RockGen Energy

RockGen Energy (503 MW) is a simple cycle facility located in Cambridge, WI. It was acquired by Starwood Energy from Calpine in 2019 and part of the Edgewater portfolio. RockGen sells capacity into the MISO region and also benefits from dual fuel capabilities.

The RockGen facility was sold to Dairyland Power Cooperative in December 2021.

 


Morgantown Energy Associates

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. The project was sold to Vicinity, a portfolio company of Antin Infrastructure Partners, in July 2020.


Thermo Fort Lupton

website Thermo

Combined-Cycle Power Plant and Steam-Host,  272 MW

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 Project

website Midway

Simple-Cycle, Natural Gas-Fired Peaker,  120 MW

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 Power

calpeak

Simple-Cycle, 260 MW

 

 

 

 

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 Stryker

Website Richland Stryker

Simple-Cycle, Natural Gas-Fired Peakers, 444 MW (Richland), 20 MW (Stryker)

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.


Midstream and Downstream

Unrealized

Lavaca Midstream

Lavaca Midstream (approx. 260 mile natural gas gathering & compression system)

 

 

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

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.

Shannon Wind

Clay County, Texas, United States

Investments 77 204 MW Wind Project

Berlin Station

Berlin, NH, United States

Investments 91 75 MW Wood Biomass-Fired Power Plant

Startrans (aka, “Meads Transmission”)

Vernon, CA, United States

Mead-Adelanto 1,296 MW, 500 kV AC;
he Mead-Phoenix project is a 1,900 MW,
500 kV AC transmission line.

Investments 82

Richland and Stryker

Ashley, OH 43003, USA

Investments 101 Richland 444 MW; Stryker 20 MW simple cycle power plants

Electra Wind Farm

Electra Wind Farm, County Road 134 East, Electra, TX, United States

Investments 15 230 MW

The Excalibur Power Portfolio - Chambers

Carneys Point, NJ 08069, USA

RockGen Energy Center

Madison, WI, USA

Investments 19 503MW Natural gas & fuel oil dual fuel

Dighton Power

Dighton, MA 02715, United States

Investments 49 177 MW combined –cycle, natural gas-fired facility.

Starwood Solar Sault Ste. Marie (“SSM”) I, II, and III (Realized)

Sault Ste. Marie, ON, Canada

Investments 88 Starwood Developed 69MW DC solar PV

Gainesville Renewable Energy Center

Gainesville, FL, United States

Investments 102 100 MW Wood-Fired Power Plant

The Northeast Natural Gas Portfolio - Beaver Falls

Beaver Falls, NY, United States

Investments 79 108MW Combined cycle facility

Fairless Energy Center

Fairless Hills, PA, USA

Investments 11 1,320 MW Natural Ga

Crane

6703 Oak Creek Rd, Mojave, CA 93501, USA

CalPeak Power

Sanger, CA 93657, USA

Investments 83 Portfolio of five simple-cycle, natural gas-fired peaking projects with a total of 260 MW.

Quail Run Energy Center

Odessa, Texas, United States

Investments 81 550 MW Combined-Cycle, Natural Gas-Fired Plant.

Milford Power

Milford, MA 01757, United States

Investments 45 163 MW combined-cycle, natural gas-fired facility.

Garrison Energy Center

Dover, DE, USA

Investments 20 325MW Natural Gas &; fuel oil dual fuel facility.

The Excalibur Power Portfolio - Logan

Swedesboro, NJ 08085, USA

Manchester Street Station

Providence, RI, USA

Investments 31 510MW natural gas & fuel oil dual fuel facility

The Excalibur Power Portfolio - Morgantown

Morgantown, WV 26505, USA

Investments 13 62 MW

Horse Creek

Horse Creek Wind, LLC, Haskell County, TX, United States

Investments 75 230 MW Wind

Lavaca

Lavaca County, TX, USA

260 Miles

Gulf Coast Ammonia

Texas City, TX, USA

Greenleaf 1 & 2

Yuba City, CA, United States

Investments 74 Two 49.5MW gas-fired gen. facilities located in Yuba City, CA

Hudson Transmission

Ridgefield, NJ, United States

Investments 85 660 MW Underground / Sub-sea Trans

West Lorain Power

Lorain, OH, USA

Investments 12 545 MW Natural Gas

Thermo Fort Lupton

Denver, CO, United States

Investments 84 272 MW combined-cycle power plant and associated greenhouse steam-host

The Northeast Natural Gas Portfolio - Syracuse

Syracuse, NY, United States

Investments 78 103MW combined cycle facility in NY

The Excalibur Power Portfolio - Plum Point

Osceola, AR 72370, USA

Investments 32 227 MW

Stephens Ranch Wind Energy I & II

Lubbock, Tex, United States

Investments 98 376MW, two-phase wind project

Neptune Regional Transmission System

Sayreville, NJ, United States

Investments 86 65-mile, 660 MW high voltage DC transmission line.

The Northeast Natural Gas Portfolio - Hazleton

Hazleton, PA, United States

Investments 80 A simple Cycle 158MW

Northwest Ohio

Payne, OH 45880, USA

Investments 36 100MW Wind Farm, Ohio

Midway Project

Fresno, CA, United States

Investments 100 120 MW simple-cycle peaking plant

Coram Wind Farm

6703 Oak Creek Rd, Mojave, CA 93501, USA