{"id":1004290124,"date":"2019-01-11T07:16:45","date_gmt":"2019-01-11T15:16:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004290124"},"modified":"2022-12-08T00:07:48","modified_gmt":"2022-12-08T08:07:48","slug":"enel-begins-work-on-450mw-wind-farm-in-texas","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/enel-begins-work-on-450mw-wind-farm-in-texas\/","title":{"rendered":"Enel Begins Work on 450MW Wind Farm in Texas"},"content":{"rendered":"<p>By Anca Gagiuc<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/texas-2271181_1920.jpg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" data-attachment-id=\"1004290130\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/enel-begins-work-on-450mw-wind-farm-in-texas\/texas-2271181_1920-800x620-3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/texas-2271181_1920-800x620.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;6.3&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 1100D&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1491363726&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;55&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.0025&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"texas-2271181_1920 800&#215;620\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/texas-2271181_1920-800x620.jpg?w=800\" loading=\"lazy\" class=\"alignright wp-image-1004290130 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/texas-2271181_1920.jpg\" alt=\"\" width=\"300\" height=\"233\" \/><\/a>Enel Green Power North America, an Enel subsidiary, started work on the 450-megawatt High Lonesome wind farm in Texas\u2019 Upton and Crockett counties. The project, expected to begin commercial operation by the end of 2019, will be the largest wind farm in Enel\u2019s global renewables portfolio.<\/p>\n<p>Costs associated with the construction of High Lonesome amount to about $600 million and are included in the company\u2019s 2019-2021 strategic plan. Currently, the wind project is financed through the Group\u2019s own resources. Upon completion, the wind farm is anticipated to generate around 1.7TWh annually, while avoiding the <a href=\"https:\/\/www.commercialsearch.com\/news\/worlds-oil-gas-producers-take-uneven-path-to-carbon-free-future\/\">emission of more than 1.1 million tons of carbon dioxide<\/a> per year.<\/p>\n<h2>Green and secure<\/h2>\n<p>Enel has entered into a long-term Proxy Revenue Swap for a 295-megawatt portion of the project with insurer Allianz Global Corporate &amp; Specialty, Alternative Risk Transfer and provider of weather and climate risk management products Nephila Climate. The PRS is a financial derivative agreement designed to produce stable revenues for the project regardless of power price fluctuations and weather-driven intermittency, hedging shape risk in addition to risk associated to price and volume. Under this agreement, High Lonesome will receive fixed payments based on the expected value of future energy production. The PRS was executed in collaboration with REsurety and is the first agreement of its kind for Enel. Furthermore, it holds the top rank globally as the largest deal by capacity for a single plant to be signed.<\/p>\n<p><em>\u201cThe construction of High Lonesome is a strong testament to the popularity and success of innovative renewable energy protections,\u201d<\/em> Karsten Berlage, managing director, Allianz Risk Transfer, said in prepared remarks. <em>\u201cThe majority of today\u2019s stakeholders champion the continued growth of renewables and that is why Allianz is committed to flexible strategies such as the PRS that mitigate those risks\u2013long term.\u201d<\/em><\/p>\n<p>Lee Taylor, co-founder &amp; CEO of REsurety, added<em>:&nbsp;<\/em><em>\u201cRenewable energy projects are under increasing pressure to deliver predictable returns despite the increasing volatility of the value of intermittent generation. <\/em><em>We developed the Proxy Revenue Swap specifically to deliver unrivaled certainty of cash flows, regardless of power price volatility and weather-driven intermittency. We are delighted to have had the opportunity to collaborate with Enel, Allianz and Nephila to bring the largest PRS transaction to fruition.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Upon completion, the project will be Enel\u2019s largest wind farm, anticipated to generate around 1.7TWh annually and prevent the emission of more than 1.1 million tons of carbon dioxide per year.<\/p>\n","protected":false},"author":237,"featured_media":1004290130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21748,21742,21786],"tags":[35551,40826],"class_list":["post-1004290124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-industrial","category-latest","category-sustainability","tag-enel-green-power","tag-wind-power"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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