Benzinga | Jun 30, 2021 01:27PM EDT

Starwood Energy Acquires Contracted Renewable Portfolio From Consolidated Edison; Terms Not Disclosed

Starwood Energy Group Global, LLC ("Starwood Energy"), a leading private investment firm focused on energy infrastructure, announced today that it has closed the acquisition of a 252MW portfolio of operating renewable assets from Consolidated Edison Development Inc. The portfolio consists of Coram Wind, a 102MW wind farm located in Tehachapi, CA, and Crane Solar, a 150MW solar project located in Crane, TX, as well as an adjacent 25MW battery development.

Coram Wind and Crane Solar are fully contracted through power purchase agreements with Pacific Gas & Electric and Vistra Corporation, respectively, each with approximately 11 years of remaining contract life.

"Our relationship with ConEd goes back many years across many different verticals, and we're excited to build on that foundation with this transaction and our continued partnership," said Alex Daberko, a Managing Director at Starwood Energy. "These projects add geographic and resource diversity to our existing renewables platform, in addition to significant opportunities for future growth and optimization."

The transaction was financed through two separate bank loans, led by MUFG, CIT Bank, and Nomura Securities International, Inc.

Skadden, Arp, Slate, Meagher & Flom LLP served as legal counsel to Starwood Energy and Paul Hastings LLP represented the bank lenders.