Year after year, Texas ranks as one of the nation’s leading generators of wind capacity, and this trend is expected to continue as power producers take advantage of the state’s abundant wind resources. Owned by NorthLeaf Capital and operated by Apex Clean Energy, Old Settler is a 151.2 MW wind farm located in Northern Texas. The wind energy harvested by the 63 General Electric turbines is enough to power about 51,000 homes. The Old Settler Wind project has received acclaim for its inventive financing arrangement, a model for future deals in the wind industry. The clean energy portfolio between NorthLeaf Capital and Apex Clean Energy uses a proxy revenue swap that enables third-party financing and tax equity commitments for the project. This structure allows companies to hedge against risks associated with changing prices in the energy market and fluctuations in power generation.
PROJECT TYPE: Wind Energy
ONLINE DATE: 2017
LOCATION: Floyd County, Texas
RELATED SUSTAINABLE DEVELOPMENT GOALS (SDGS):
This project contributes directly to the achievement of the Sustainable Development Goals (SDGs) set by the United Nations:
SDG 7 – Ensure access to affordable, reliable, sustainable and modern energy for all. The renewable energy generated from the project is added to the local power grid.
SDG 8 – Promote inclusive and sustainable economic growth, employment and decent work for all.
SDG 9 – Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation.
SDG 13 – Take urgent action to combat climate change and its impacts. Wind energy production reduces the reliance on fossil fuels, which are a known emitter of GHG emissions.
The United Nations’ Sustainable Development Goals (SDGs) are an urgent call for action by countries in global partnership to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity.
Co-benefits
Where oil wells once stood, wind turbines now dominate the landscape. This region of the United States is expanding offshore wind installations, drastically reducing carbon emissions.
The expansion of renewable energy in Texas has enhanced rural economies by offering green job opportunities in the construction and maintenance of wind farms.
Investments in renewable energy promote resilient infrastructure, inclusive and sustainable industrialization, and foster innovation.
Project photos
All photos courtesy of Apex Clean Energy
