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Enel Starts Construction on the 450-MW High Lonesome Wind Project in Texas

LCG, January 9, 2019--Enel Green Power North America, Inc. (“EGPNA”), the US renewable energy company of the Enel Group, announced Friday that construction has commenced on the 450-MW High Lonesome Wind Project in west Texas. The project is scheduled to be operational by the end of 2019. Once completed, High Lonesome will be the largest wind farm in Enel's global renewables portfolio.

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2019 ERCOT Outlook report available from LCG Consulting

LCG, January 9, 2019 --Texas continues to see growth in renewable energy resources. In 2018, ERCOT endorsed major transmission projects to serve load growth while relieving congestion in the Far West region. New import and export capabilities are also on the horizon, such as through the integration of Lubbock Power & Light and the possible Southern Cross transmission project.

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Industry News

Enel Starts Construction on the 450-MW High Lonesome Wind Project in Texas

LCG, January 9, 2019--Enel Green Power North America, Inc. (“EGPNA”), the US renewable energy company of the Enel Group, announced Friday that construction has commenced on the 450-MW High Lonesome Wind Project in west Texas. The project is scheduled to be operational by the end of 2019. Once completed, High Lonesome will be the largest wind farm in Enel‘s global renewables portfolio.

The Head of Enel Green Power stated, “The start of construction of our largest wind project to-date represents a major commitment to growing our business in the US and specifically in Texas.”

According to Enel, the investment in the construction of High Lonesome is approximately $600 million dollars and is part of the investment outlined in Enel’s 2019-2021 strategic plan. The project, located in Upton and Crockett Counties, is currently financed through the Group‘s own resources.

The energy generated by a 295 MW portion of the wind farm will be hedged through a Proxy Revenue Swap (“PRS”), a risk management strategy aimed at minimizing price and weather-related risks.

Enel has entered into a PRS with insurer Allianz Global Corporate & Specialty, Inc.'s Alternative Risk Transfer unit (Allianz), and Nephila Climate, a provider of weather and climate risk management products. 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, with adjustments payed depending on how the realized proxy revenue of the project differs from the fixed payment.
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