Unrealized

Northwest Ohio

100MW Wind Farm, Ohio

Northwest Ohio Wind is a 100MW wind farm under construction in Paulding County, Ohio. The project closed construction debt and tax equity financing commitments in October 2017, and is expected to achieve commercial operation in fall 2018.  The project benefits from a long-term offtake agreement with General Motors.

Horse Creek and Electra

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

Horse Creek and Electra Wind are two 230MW wind farms under construction in Haskell and Wilbarger Counties, Texas.  Each project consists of 100 GE 2.3-116 wind turbines.  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.

The projects benefit from 13-year offtake agreements with Bank of America Merrill Lynch and long-term fixed-price service agreements from GE.

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

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

Gainesville Renewable Energy Center (GREC)

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

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

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

Nautilus Solar Energy

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.

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.

Hudson Transmission

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

Realized

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.

Unrealized

Excalibur Power Portfolio

Plum Point thermal generation, Osceola, AR

The Excalibur Power Portfolio consists of interests in four thermal facilities located in New Jersey (Logan – 225MW and Chambers – 262MW), West Virginia (Morgantown – 62MW) and Arkansas (Plum Point – 670MW). 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, three 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.

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 Energy Center, located  southwest of Philadelphia, PA is comprised of an efficient 790MW 3×1 combined cycle natural-gas fired power plant and 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.  Starwood Energy acquired the projects from NextEra Energy in 2016.

Greenleaf 1 & 2

Greenleaf 1 & 2 are two 49.5MW gas-fired generation facilities located in Yuba City, California.  Both facilities are fully contracted to PG&E and Greenleaf 2 also sells process steam to an adjacent food processing facility.  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.  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

Thermo Fort Lupton

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

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

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

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.