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Castro County Irrigated Wind-Energy Farm

$3,477,500 1391 Acres
Property ID 2493152


Castro County Irrigated Wind-Energy Farm

State: Texas

Region: Panhandle

County: Castro

Property Type: Wind-Energy Farm & Irrigated Farmland

Acres: 1,391 acres more or less

Price: $2,500.00 per acre

Taxes: Approximately $8,810.00

Location: 10 miles NW of Dimmitt

Contact Name: Gerald Smith/Ben G. Scott

A wind-energy easement agreement in favor of Orion Wind Resources LLC (Orion) exists for the purpose of allowing Orion to construct and operate wind turbines on this property. Nine 2.3mgw turbines were erected in 2016. The easement is for a minimum of 30 years with the option of two 10-year extensions. The easement payment will be $1.30 per megawatt-hour of electricity generated for the first 20 years increasing to $1.60 per megawatt-hour after 20 years. A minimum annual payment of $4500 per megawatt of nameplate capacity ($10,350 per turbine) is guaranteed for the first 20 years and will then increase to $6,000 per megawatt-hour of nameplate capacity. All payments will be adjusted annually for inflation.

This farm has 5 center-pivot sprinkler irrigation systems that water approximately 998 acres. The north sprinkler is a 2006 Zimmatic nozzled for 900 gpm that waters 384 acres. The next sprinkler south is a 2007 T&L nozzled for 400 gpm that makes a circle and waters 45 acres. West of this sprinkler is a 2004 Zimmatic nozzled for 900 gpm that waters 204 acres. West of this sprinkler is an older, reconditioned Valley sprinkler nozzled for 700 gpm that makes a circle and waters 77 acres. The south sprinkler is a 2004 Zimmatic nozzled for 900 gpm that waters 288 acres. All sprinklers have tall tires and drops on 60 spacing. On the west side of the property, there are three box cars with a covered work area set up as a shop plus a domestic well.

There are 10 irrigation wells that produced a total of approximately 1200 GPM. Seven of the wells are equipped with submersible electric motors and pumps (2-20hp, 4-30hp & 1-40hp) and three of the wells are equipped with turbine pumps and vertical hollow-shaft electric motors. All wells and pivots are connected by high pressure (50#) underground plastic lines. Wells range in depth from 390 to 470 with steel casing and pumps set near the bottom of the hole.

Water district maps show a 2012 estimate of the saturated thickness of the water-bearing formation to be 40 to 100. The owner states that current water depths range from 40 to 100. Three nearby water-district observation wells had 1.52, 10.06 and 10.25 declines in water depth from 2005 to 2015. The water-bearing formation in this area does not release water as fast as some areas with higher producing wells but appears to have experienced less decline in water depth than the higher producing areas.

This is an excellent farm with a well-designed, good-quality irrigation infrastructure that is located in close proximity to several dairies and feedyards. The owner would be willing to lease and continue to operate this farm. The wind-energy payments combined with the cash lease makes this property an excellent investment opportunity!!!

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