Swift Current Energy has announced the commencement of operations for the Castle Gap Wind project in Central Texas. The project, which began last Wednesday, is now providing clean energy to over 50,000 homes annually. This milestone was celebrated with local community leaders and representatives from Target Corporation (NYSE:TGT), which has entered into a long-term virtual power purchase agreement with the wind farm.
Eric Lammers, CEO of Swift Current Energy, highlighted the project's role in advancing the company's growth strategy and acknowledged the support provided by the Inflation Reduction Act. He expressed gratitude towards partners such as Target and Goldman Sachs (NYSE:GS) for their commitment to renewable energy. The project's environmental impact is substantial, equating to taking nearly 110,000 gasoline-powered cars off the roads each year.
The project is owned by Swift Current Energy along with BAES Infrastructure, IFM Net Zero Infrastructure Fund, and Lookout Ridge Energy Partners. Goldman Sachs contributed tax equity financing, while MUFG and CaixaBank were responsible for additional financial backing. Legal representation for the transactions involved firms such as Vinson & Elkins LLP and Husch Blackwell LLP for Swift Current Energy, O'Melveny & Myers LLP for Goldman Sachs, Latham & Watkins LLP for MUFG and CaixaBank, and Jackson Walker LLP for Texas law matters.
Ryan Newman from Goldman Sachs confirmed their tax equity contribution to the project that will significantly contribute to reducing greenhouse gas emissions. The operational status of the Castle Gap Wind project underlines a growing trend of corporate investment in sustainable and renewable energy sources as companies like Target seek to minimize their environmental footprint through strategic partnerships.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.