Acciona Energy has closed tax equity financing for the San Roman wind farm with Bank of America Merrill Lynch. Acciona recently acquired the 93 MW project as part of the company’s renewed focus on building renewable energy projects in the U.S.
Acciona is currently constructing and will own and operate the San Roman project, which is located in Cameron County, near the southeast coast of Texas. The company expects the wind farm to be completed by year’s end.
According to Acciona, the power generated by the project will create a more reliable supply of electricity for Texas’ Rio Grande Valley, an area that has suffered rolling blackouts in recent years due to a lack of local electric resources.
“As Acciona works to build new clean energy projects in the highly competitive U.S. market, we need partners like Bank of America Merrill Lynch who understand renewable energy and the innovative financial solutions that can move our industry forward,” says Ilya Hartmann, CEO of Acciona Energy North America. “This deal was a team effort made possible by the collaboration, expertise and dedication of both parties.”
“Bank of America Merrill Lynch is pleased to work with Acciona Energy on this significant wind power project in southeastern Texas,” adds Todd Karas, the bank’s head of renewable energy finance. “We believe the financial services sector is in a unique position to help and provide the much-needed capital and financing to accelerate a low-carbon economy.”
Acciona expects the San Roman project to create roughly 80 full-time jobs during construction and seven permanent jobs during the operations phase. Over its 25-year lifespan, the project is slated to pay over $30 million in local taxes and generate over $25 million in lease payments to local landowners, the company adds. Acciona will also establish a scholarship fund and a community benefit fund to support the community.