US renewable energy developer Swift Current Energy declared on Monday the successful commencement of operations for its 197-MW Castle Gap wind farm in Texas. The facility is currently delivering electricity to US discount store retailer Target Corp (NYSE:TGT), marking a significant milestone for both companies.
A ceremony commemorating the completion of the Castle Gap wind farm was recently conducted, drawing attendance from community leaders and company representatives.
Situated in the Mills and Lampasas counties of Central Texas, the wind farm is equipped with 41 N149 turbines manufactured by Germany's Nordex SE, each operating at 4.8 MW. The combined annual output of the wind farm is anticipated to provide renewable energy for over 50,000 homes. Notably, the entire generation capacity is contracted under a long-term virtual power purchase agreement (PPA) with Target Corp.
Mitsubishi UFJ Financial Group and CaixaBank played key roles as joint coordinating lead arrangers and green loan structuring agents for the project's financing. Tax equity for Castle Gap Wind was provided by Goldman Sachs.
The project represents one of the early initiatives supported by the Inflation Reduction Act and marks Swift Current Energy's second major wind development in Texas. The 197-MW Castle Gap Wind farm follows the successful launch of the 550-MW High Lonesome Wind complex at the end of 2020.