June 27, 2014
Westerly Wind, LLC ('Westerly'), a provider of development capital and expertise to the wind industry, through its subsidiary Westerly South Plains, LLC has sold 100% of the membership interests in South Plains Wind Energy, LLC, a Delaware limited liability company, formed to develop, construct, and operate the South Plains Wind Project (the 'Project'), to First Wind Texas Holdings II, LLC, a subsidiary of First Wind Holdings, LLC.
The South Plains Wind Project is a late stage development project located on approximately 51,000 acres in Floyd County, northeast of Lubbock, TX. Westerly developed the project with its development partner, Floyd County Wind Farm, LLC. The Project has up to 400 megawatts of potential capacity and expects to deliver clean renewable power to the ERCOT power markets through the new CREZ transmission system.
'The South Plains Wind Project has great near and long term potential, and we are pleased to be working with First Wind again,' said Westerly CEO, Steve Schauer. 'Westerly Wind remains focused on continuing to build value for our shareholders and partners by advancing and monetizing our existing and future development projects.'
About Westerly Wind - Westerly Wind is a portfolio company of US Renewables Group. Westerly provides development capital and expertise to wind projects at all stages of the development cycle and currently has approximately 250 megawatts under development. Founded in 2003, US Renewables Group is one of the largest private equity firms focused exclusively on investing in renewable power, biofuels and clean technology infrastructure.
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