RES Announces Joint Development Venture for Texas Wind Project

RES (Renewable Energy Systems), the world's largest independent renewable energy company, is pleased to announce it has agreed to jointly develop an approximately 480 MW Maverick Creek Wind Project in Texas with Algonquin Power & Utilities Corp. (Algonquin).

Maverick Creek is located in Concho County, Texas, a particularly favorable wind area in central Texas. Capitalizing on Texas' ambition for clean energy development, the project will provide an economic investment opportunity as well as an increase in clean energy jobs.  It is financed through a virtual 15-year power purchase agreement with General Mills.

Construction of the project is expected to begin in September 2019 and will create nearly 175 jobs during peak construction. Once complete in late 2020, the approximately 480 MW project will generate renewable energy to power approximately 168,000 homes annually.

The project was originally developed by Roaring Fork Wind, LLC, a joint venture partnership between RES (Renewable Energy Systems) and Steelhead Americas, Vestas' development arm in North America. CIBC Capital Markets acted as exclusive financial advisor to Roaring Fork, LLC as part of the transaction.

"We are pleased to partner with Algonquin on the Maverick Creek project," said Graham Reid, CEO of RES in the Americas. "This project is a clear demonstration of our mutual commitment to a sustainable future and growing the economy through renewable development."