First Reserve has announced the acquisition of the Mariah North Wind power project from Mariah Acquisition. Upon completion, Mariah North Wind is expected to generate 230MW of wind power, serving the high-demand ERCOT market in Parmer County, Texas, with a 13-year, fixed price hedge for its power production.
The project will also construct and own a 27 mile, 345 kV transmission line to interconnect with the ERCOT CREZ system and is the first phase of an expected 600MW development. The terms of the transaction were not disclosed. Mariah Acquisition will continue to oversee project development and will partner with affiliate Harvest Energy Services to construct and operate the approximately US $ 350 million facility.The developers will maintain a minority interest in the project during the operating period. The project is expected to be operational by the end of 2016.
