CIRI partners invest in large-scale wind energy Outside

Capistrano Wind Partners, a new company formed by CIRI, Edison Mission Energy and TIAA-CREF to acquire and operate a portfolio of utility-scale wind projects, acquired the Cedro Hill wind farm in Texas (pictured), as well as the Mountain Wind I and Mountain Wind II wind farms in Wyoming. Photo courtesy of Edison Mission Energy.

Capistrano Wind Partners created to acquire and operate a portfolio of wind projects

CIRI partnered with Edison Mission Energy, a subsidiary of Edison Mission Group (EMG), Teachers Insurance and Annuity Association and College Retirement Equities Fund (TIAA-CREF) to form Capistrano Wind Partners LLC, a partnership that will acquire and operate large-scale wind energy projects nationwide.

"CIRI is excited to team with such strong development and financial partners as Edison Mission Group and TIAA-CREF," said Stig Colberg, CIRI chief financial officer. "This transaction promises a reliable preferred return on CIRI's investment while solidly establishing CIRI as a financier of sustainable, domestic energy infrastructure that will decrease our nation's reliance on imported energy. CIRI looks forward to working with our new partners to pursue current and future opportunities for investment in utility-scale wind power generation."

Capistrano Wind Partners will invest in a diversified portfolio of high-quality wind projects in several states that will be acquired from EMG, who will develop the projects. All wind projects in the portfolio will have long-term power sales agreements in place with electric utilities and will be operational at the time of acquisition. Upon its formation, Capistrano Wind Partners acquired the Mountain Wind I and Mountain Wind II wind farms in Wyoming, with a combined generation capacity of 141 megawatts, and the Cedro Hill wind farm in Texas, with generation capacity of 150 megawatts, all of which are already in commercial operation. The partnership expects to make additional acquisitions later in 2012 and in 2013.