Brookfield Asset Management, Isolux Corsan's JV, Wind Energy Transmission Texas, secures US$500M loan to finance construction of five 345-kV substations, 378 miles of 345-kV transmission lines in West Texas to transmit wind energy
August 9, 2011
– Will deliver clean, renewable energy throughout the state
Wind Energy Transmission Texas, LLC is pleased to announce their loan of over a half-billion dollars was executed with a consortium of financial institutions. The financing will be used to construct five (5) 345kV substations and approximately 378 miles of 345kV transmission lines in West Texas.
“Our team has the expertise and has an international reputation for quality engineering, construction, operation and maintenance. By finalizing our financing, WETT will help ensure Texas remains a global leader in wind energy, while creating jobs in West Texas over the next several years”
Isolux Ingeniería USA, LLC was selected by WETT as the Engineering Procurement and Construction contractor. The new facilities and transmission lines will bring clean, renewable wind energy from West Texas to the major metropolitan areas throughout the state.
“Our team has the expertise and has an international reputation for quality engineering, construction, operation and maintenance. By finalizing our financing, WETT will help ensure Texas remains a global leader in wind energy, while creating jobs in West Texas over the next several years,” stated Wayne Morton, General Manager for WETT.
WETT was originally awarded a contract by the Public Utility Commission of Texas to construct, operate and maintain high-voltage transmission lines in 12 West Texas counties as part of the Texas Legislature’s Competitive Renewable Energy Zone (“CREZ”) project. The completion date for this contract is 2013.
Construction activities will begin next month. The facilities are on schedule for completion in the second quarter of 2013.
About Texas-based Wind Energy Transmission Texas, LLC: Wind Energy Transmission Texas, LLC, [WETT] is a joint venture between two worldwide leaders in electric transmission development – Brookfield Asset Management and Isolux Corsán Concesiones – who have come together to build and operate high-voltage greenfield transmission lines in Texas. WETT’s members have an international reputation for quality engineering, construction, and service, and WETT will use its worldwide experience and global resources to speedily deliver a superior product, providing Texans with the best transmission value and service available in the world.