Leading renewable energy consultancy and service provider, Natural Power, was recently appointed by BayWa r.e. Wind LLC as Independent Engineer of Record for its 250-MW Amadeus Wind project north of Rotan, Texas, currently under construction.
“We appreciate the opportunity to serve as Independent Engineer on Amadeus in support of tax equity and construction debt financing,” said Chris Mertes, head of Advisory at Natural Power in North America. “Natural Power and BayWa r.e. take the role of Independent Engineer seriously, and the experience and results we provide will be of significant benefit to the wind project’s long-term success.”
The team undertook a full review of the project’s engineering designs, turbine technology, operating contracts, financial models, and permits prior to the start of construction. Beneficial aspects were highlighted, and areas of potential risk were flagged for further investigation and resolution. Natural Power will continue to support the project with construction monitoring through completion.
Once operational, the project will deploy GE wind turbines across nearly 25,000 acres of federal, state and privately held lands, and could generate enough clean, renewable energy to power more than 75,000 homes annually.
“BayWa r.e. selected Natural Power for this critical role based on its reputation for providing careful, actionable due diligence on wind projects, as well as the widespread acceptance of their work product by the tax equity community,” said Florian Zerhusen, CEO, BayWa r.e. Wind LLC.
Earlier this year, BayWa r.e. Wind announced it had secured a tax equity commitment from a consortium led by GE Energy Financial Services. The project has also executed a hedge agreement with Morgan Stanley and, in the most difficult market since the financial crisis of 2008, closed on a construction loan with Commerzbank. BayWa r.e. has used 5 percent safe harbor equipment to qualify the project for 100 percent PTCs.
In the past 12 months, Natural Power’s U.S.-based advisory team has provided technical due diligence on nearly 15 GW of renewable project capacity within North America, including 11.5 GW of late-stage, pre-construction wind projects, delivering work for major sponsors, and tax and equity investors.
More info: www.naturalpower.com/us