As published in Toledo Business Journal - January 1, 2018

Initial construction on the Northwest Ohio Wind Project

Initial construction on the Northwest Ohio Wind Project

Starwood constructing 100MW project

Starwood Energy Group Global, LLC, a private investment firm focused on energy infrastructure, has signed a long-term renewable energy power purchase agreement with General Motors (GM).

General Motors will buy all of the clean energy generated by the Northwest Ohio Wind Project, a 100-megawatt (MW) project owned by Starwood Energy Group located across approximately 12,750 acres of land in Van Wert and Paulding Counties. There will be 42 2.5 MW turbines built and the project is scheduled to be completed in 2018; Construction is being performed by White Construction, Inc.

Based on standard EPA calculations and references, the Northwest Ohio Wind Project will power over 30,000 homes, void the CO2 emissions of over 34,000 homes, or equivalently void the CO2 emissions of over 48,000 passenger vehicles.

“Fortune 100 companies such as General Motors have become a key force supporting renewable energy,” said Himanshu Saxena, senior managing director and co-head of Starwood Energy Group. “We are pleased to enter into this partnership with General Motors to help meet their sustainability objectives.”

“Starwood’s Northwest Ohio Wind Project is helping us toward our goal of meeting the electricity needs of our global operations with 100% renewable energy,” said Rob Threlkeld, GM global manager of renewable energy. “The wind farm is ideally located to help meet the electricity needs of our Ohio manufacturing facilities.”

An affiliate of Citi has committed to provide tax equity for the project and Rabobank will provide the construction and term debt. Additional financial details were not disclosed.

“We are excited to have assembled a great team of trusted partners for Northwest Ohio Wind,” said Alex Daberko, principal of Starwood Energy Group. “We look forward to continued collaboration with the local community to make this project successful.”

Starwood Energy Group acquired the rights to the Northwest Ohio Wind Project in October 2014 from developer Trishe Resources, Inc.

“Citi is proud to support Starwood Energy and the Northwest Ohio Wind Project,” said Marshal Salant, global head of alternative energy finance at Citi. “This innovative partnership highlights Citi’s commitment to sustainable growth and to financing the development of clean renewable energy infrastructure.” The transaction contributes to Citi’s $100 billion Environmental Finance Goal to support environmental solutions and accelerate the global transition to a low-carbon economy.

“Rabobank is proud of our ongoing relationship with the Starwood Energy team,” said Tony Muoser, managing director of Rabobank’s project finance group. “We are excited to partner with Starwood again and contribute to the successful completion of this project.”

“We’re very appreciative of the support we’ve had in Paulding County, particularly from the Paulding County commissioners. And we appreciate the support generally the wind industry in Ohio from the County level all the way up to the Governor,” concluded Daberko.

 

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