Dallas, Texas, Jan. 09, 2018 (GLOBE NEWSWIRE) -- Sammons Renewable Energy (SRE) today announced the acquisition of Midway Wind, LLC from Apex Clean Energy. Franklin Park Investments identified and assisted with structuring the deal and closing the transaction on behalf of SRE. Located on the Texas Gulf Coast in San Patricio County, Midway Wind is a development project with plans including construction of 47 Siemens Gamesa G132 turbines for a total project capacity of 162.9MW. The project has an anticipated commercial operation date of December 2018.
“Midway’s location near Texas' wind-rich Gulf Coast, and its proximity to the Electric Reliability Council of Texas’ (ERCOT) South Hub, position the development to fill an energy gap that will widen as coal-generation in ERCOT is retired,” said Heather Kreager, chief executive officer of Sammons Enterprises, the ultimate parent company of Sammons Renewable Energy. “By continuing to work with Apex Clean Energy, who will manage construction efforts, we are confident this project will be a valuable asset in our growing renewable energy portfolio.”
“Midway Wind yet again shows the promise and value of wind energy on the Gulf Coast of Texas. Our Gulf Coast projects were integral to establishing Apex’s long-term strategy and advancing a robust and diverse portfolio,” said Mark Goodwin, president and chief executive officer of Apex. “We are pleased to partner with Sammons Renewable Energy to bring Midway Wind to life, and we applaud SRE’s commitment to advancing clean energy across North America.”
“Having now acquired 397MWs of operating projects and 205MWs of construction and development stage projects on behalf of Sammons Renewable Energy, we are pleased to continue our renewable energy management relationship with SRE,” commented Tom Tribone, the Chief Executive Officer for Franklin Park.
“Midway is Sammons Renewable Energy’s first wind acquisition in our home state of Texas,” said Darron Ash, senior vice president of Sammons Enterprises. “Investing in the region by acquiring significant assets like Midway is critical to achieving our long-term vision of becoming a leading investor in the North American renewable energy market.”
The transaction closed on December 27. Akin Gump Strauss Hauer & Feld provided legal advice and Leidos Engineering, LLC provided engineering advice. Franklin Park Investments will manage this project on behalf of SRE. Details of the deal were not disclosed.
About Sammons Renewable Energy
Sammons Renewable Energy invests in and develops renewable energy projects in the U.S., Canada, and Mexico. The company identifies solar, wind and hydro related development opportunities over a minimum threshold of $40 million in value. Sammons Renewable Energy is a wholly owned subsidiary of Sammons Infrastructure, a Sammons Enterprises, Inc. company. Assets owned by Sammons Renewable Energy are managed by Franklin Park Investments.
About Apex Clean Energy
Apex Clean Energy builds, owns, and operates utility-scale wind and solar power facilities. Apex was the U.S. market leader in 2015 and has brought nearly 1,700 MW online over the past two years. With a team of over 200 professionals and the nation’s largest wind energy project pipeline, Apex is a leader in the transition to a clean energy future. For more information, visit apexcleanenergy.com.
About Franklin Park Investments
Franklin Park Investments provides energy and infrastructure services in major global markets, including North and South America, Europe and Asia. Franklin Park’s activities include conventional and renewable electricity generation, electric distribution, rail and road transport and supply chain logistics.
Franklin Park Contact: Kevin Lapidus, Chief Investment Officer Phone: 301-500-8660 Email: Kevin.Lapidus@frpark.com
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/3dba210b-82a0-4f3b-8f8d-df95f0d997b3
Christine Anderson Sammons Enterprises, Inc. 214.210.5064 email@example.com
Source:Sammons Enterprises, Inc.