November 2011

Harbor Wind, LLC

THE PROJECT

In November 2011, AMCREF Community Capital (AMCREF) closed an innovative financing combining $11 million of AMCREF’s New Markets Tax Credits with the Section 1603 Cash Grant to fund Harbor Wind, LLC, a 9 megawatt six-turbine wind power generation facility located in the Port of Corpus Christi, Texas. Revolution Energy, the project developer, is a veteran-owned small business and had been working with the Port of Corpus Christi on the project since 2006. The project is a first-of-its-kind wind project benefiting from the construction advantages of onshore and the wind resource advantages of offshore wind production. The project site is in a 2,000-acre dredge material placement area for the Port’s shipping channel, and as a result the area does not contain sensitive habitat and does not have any other economically productive use. The Port, which is the 6th-largest in the US, is a major employer and driver for the Corpus Christi economy creating more than 40,500 jobs and $3 billion in annual income. The Port is the preferred point of entry for wind turbine components, but its income had declined dramatically due to the recession and federally mandated security measures. Harbor Wind provides additional revenue for the Port via land lease payments and helps to further establish it as a leader in the wind industry.

COMMUNITY IMPACT

  • Job Creation and Support: The project will create up to 5 FTEs with annual salaries well above the living wage and provides full benefits. Project construction supported 169 direct high paying construction jobs with benefits and created 151 indirect/induced construction jobs.
  • Environmental Benefits: 9MW of renewable energy generates 28,500 MWh/year of electricity (enough to power 2,500 homes) and numerous emission offsets, including 16,000 tons of CO2 annually, and saves over 22.5MM gallons of water annually when compared to traditional energy alternatives.
  • Community Benefits: The project is partnering with a local community college to launch a student job-training program in the renewable energy sector. Port of Corpus Christi established a visitor’s center next to the site providing education on the benefits of renewable energy.
  • Economic Impact / Catalytic Effects: The project provides a valuable source of revenue for the Port via lease payments and is located on land that does not have other economic uses. The project is the first industrial wind project in the US at a port and serves as a model for other port authorities considering wind. This project is Phase I of a two-phase development.