Foley & Lardner LLP represented FGE Power, LLC, an Austin-based developer of large-scale renewable energy projects, in its sale of 100% ownership of the FGE Goodnight Wind Project to Omega Energia, a renewable energy company headquartered in São Paulo, Brazil.
The divestiture allows for the simultaneous commencement of construction on FGE Goodnight I (a 265.5MW wind farm) and prospects for the near-term commencement of construction of FGE Goodnight II (also a 265.5MW wind farm), with an aggregate capacity of 531MW. Commercial operations of both phases can be reached by the end of 2023. Vestas’ V136-4.5MW wind turbine was selected for FGE Goodnight I, and Infrastructure and Energy Alternatives (“IEA”) was selected as the EPC provider.
FGE Goodnight III, with a capacity of more than 200MW, is in the early stages of development and will be built depending on future decisions of new ownership. Upon completion of FGE Goodnight III, the overall project is projected to be the largest wind farm in operation in Texas and one of the largest worldwide to date.
“We launched these projects with the belief that Texas needed more reliable, sustainable, and dependable sources of energy – it was true years ago when these projects began early permitting and even more so today with the impacts of climate change and the overwhelmed Texas power grid. FGE Goodnight has been designed with Vestas’ latest technology to operate and power homes and businesses through extreme heat and cold that are becoming more common here in Texas,” said Emerson G. Farrell, Founder and Chairman of FGE Power. “In Omega Energia, we found a partner with global reach and resources who will bring these projects to operational status as a proven market leader.”
As Latin America’s largest renewable energy company, Omega Energia’s acquisition of the Goodnight wind farm further exemplifies the interest and active participation of foreign institutional investors in the United States’ renewable energy industry. This international collaboration bolsters the United States’ ongoing development of renewable energy and stabilizes Texas’s access to power.
The Foley team representing FGE Power was led by Partners Hoang Quan Vu and Greg Meeks and included Of Counsel Neal Bakare and Associates George Khalaf and Jennifer Gardner.
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