January 7, 2019
Enel has begun construction on its High Lonesome Wind Farm, which is located in Upton and Crockett counties in West Texas, south of Midland and Odessa. Upon completion, the 450-megawatt, $600-million wind farm will be the largest in Enel’s global renewables portfolio. The project is currently being financed through the developer’s resources, and is expected to become operational by the end of 2019.
The energy generated by a 295-megawatt portion of the farm will be hedged through a Proxy Revenue Swap with insurer Allianz Global Corporate & Specialty Inc.’s Alternative Risk Transfer unit, and Nephila Climate. The PRS, a financial derivative agreement, will help produce stable revenues in the face of power price fluctuations and weather-driven issues.
Enel, an energy company headquartered in Italy, currently operates the 63-megawatt Snyder wind farm in Scurry County.
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