Continuing its leadership role in mid-sized wind development, Brooklyn-based OwnEnergy announced today that it entered into an agreement with a fund managed by BlackRock ("BlackRock"), whereby BlackRock acquired OwnEnergy’s latest project in Windthorst, Texas on December 6, 2013. Once completed, the wind farm will generate 68 megawatts (MW) of wind power on to the state’s power grid.
Under the agreement, BlackRock will purchase a majority interest in the Windthorst-2 project, Morgan Stanley and its affiliates will provide construction financing and J.P. Morgan will provide institutional equity. OwnEnergy will maintain a minority ownership interest in Windthorst-2, manage its construction, and oversee operations once it comes online. Construction is scheduled to begin in December 2013, with commercial operations expected in fall 2014.