FGE Power Announces Sale of FGE Goodnight Wind Farm Project to Omega Energia
July 18, 2022
Source: FGE Power
AUSTIN, Texas, July 18, 2022 /PRNewswire/ -- FGE Power, LLC (Austin-based developers of large-scale renewable energy projects) announces the sale of 100% ownership of FGE Goodnight wind project to Omega Energia, a renewable energy company headquartered in Sao Paulo, Brazil.
The divestiture allowed for the simultaneous commencement of construction on FGE Goodnight I (a 265.5MW wind farm) and prospects for the near-term commencement of construction on FGE Goodnight II (also a 265.5MW wind farm), with an aggregate capacity of 531MW. Commercial operations of both phases can be reached by the end of 2023. Vestas' V136-4.5MW wind turbine was selected for FGE Goodnight I and Infrastructure and Energy Alternatives ("IEA") was selected as the EPC provider.
FGE Goodnight III, with a capacity of more than 200MW, is in early stages of development and will be built depending on future decisions of new ownership. Upon completion of FGE Goodnight III, the overall project is projected to be the largest wind farm in operation in Texas and one of the largest worldwide to date.
"We launched these projects with the belief Texas needed more reliable, sustainable, and dependable sources of energy – it was true years ago when these projects began early permitting and even more so today with the impacts of climate change and the overwhelmed Texas power grid. FGE Goodnight has been designed with Vestas' latest technology to operate and power homes and businesses through extreme heat and cold that are becoming more common here in Texas," said Emerson G. Farrell, Founder and Chairman of FGE Power. "In Omega Energia, we found a partner with global reach and resources who will bring these projects to operational status as a proven market leader."
As Latin America's largest renewable energy company, Omega Energia's acquisition of the Goodnight wind farm further exemplifies the interest and active participation of foreign institutional investors in the United States' renewable energy industry. This international collaboration serves to bolster the United States' ongoing development of renewable energy as well as to stabilize Texas's access to power.
"FGE's team did an extraordinary job developing Goodnight combining key attributes that lead to a successful wind complex such as a very robust wind measurement campaign and a solid solution for the transmission of power to be produced," said Antonio Bastos Filho, CEO of Omega Energia.
Foley & Lardner's Finance Practice and Transaction Practice Group in Houston served as legal advisors to FGE Power. Whitehall & Co served as transaction advisor to FGE Power. Protos Energy Advisory provided development advisory services to FGE Power. Karbone Capital Markets previously served as advisor to FGE Power on tax equity financing.
ABOUT FGE POWER
Headquartered in Austin, TX, FGE Power is an energy company focused on developing clean, innovative, and sustainable utility-scale power generation solutions, including wind, solar, natural gas and battery storage assets. FGE's Triple Bottom Line approach seeks to maximize economic, social, and environmental returns while meeting the demand for reliable energy today and in the future. www.fgepower.com.
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