Same Big Spring Wind Farm, New Owners

The massive turbines will keep spinning at the Big Spring Wind Farm in Texas thanks to a recent change in ownership after the prior owner filed bankruptcy.

Boston, Massachusetts – January 16, 2003 [] ArcLight Capital Partners, a Boston-based private equity firm, announced that it has acquired the 34 MW Big Spring electric power generating facility located in Big Spring, Texas. The facility was purchased from the bondholders of York Power Funding, who took control of the plant as a result of the bankruptcy of the York Research Corporation. Big Spring, which began commercial operations in May 1999, sells 100 percent of its output to Texas Utilities under a long-term power purchase agreement. ArcLight’s partner in the transaction, Caithness Energy, will operate the plant. “The Big Spring wind farm is a high performance, state-of-the-art facility with a quality long-term offtake agreement,” said Robb Turner, ArcLight’s Senior Partner. “Given the larger number of power producers experiencing financial distress and the favorable outlook for clean energy, we view the current market as a highly attractive one to build a portfolio of wind assets.” Turbines, supplied by Vestas Wind are 42, 660 kW V-47 models and four V-66 models. The V-66 units are some of the largest wind turbines in the Western Hemisphere. They stand 371 feet tall with rotor blades of 216 feet in diameter. Annual energy production of the facility is approximately 117 million kWhs, enough to power 7300 homes. At their highest point, the four 1,650 kW turbines reach 371 ft, taller than the Statue of Liberty. ArcLight Capital Partners manages the US$950 million ArcLight Energy Partners Fund I, L.P. The Fund was established to capitalize on attractive investment opportunities in the rapidly evolving power, utility and energy industry. ArcLight’s acquisition of the Big Spring plant represents its 16th fund investment.
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