“The acquisition of Rio Bravo is another step towards achieving our long-term growth goals for SRE and towards securing our position as a presence in the North American renewables market,” said Heather Kreager, chief executive officer of Sammons Enterprises, Inc., the parent company of SRE. “We look forward to the completion of the construction phase of this project and to providing clean energy to the Texas market.”
“We are thrilled to have closed this transaction with Sammons Renewable Energy,” said Paul Gaynor, chief executive officer of Longroad. “We are proud of the work we did to make the Rio Bravo project a reality.”
“With the closing of this transaction, the SRE wind, solar and hydropower fleet now totals over 800 MW. This project expands our footprint in the ERCOT South region and should provide operational and financial synergies. We look forward to continuing to identify and acquire compelling renewable power projects in North America in order to continue growing the portfolio,” commented Tom Tribone, the chief executive officer of Franklin Park.
Once operational, Rio Bravo wind will produce enough electricity to power 76,000 US homes, and to reduce annual CO2 emissions equivalent to removing 126,000 cars from the road each year.
The transaction closed on December 11, 2018. Akin Gump Strauss Hauer and Feld provided legal advice, and Leidos provided engineering advice to SRE and Franklin Park. Longroad will provide construction management, asset management, and operations and maintenance services to the project. Franklin Park will manage the Rio Bravo project on behalf of SRE.
Longroad is owned by The New Zealand Superannuation Fund, Infratil Limited, and management.