Accounting, tax and advisory firm CohnReznick LLP (CR) and key members of Reznick Capital Markets Securities (RCMS) have closed on an $88 million sale-and-leaseback transaction for the 23.4 MW Punta Lima wind farm, located outside Naguabo, Puerto Rico.
CR and RCMS provided consulting and advisory services to the seller and Gestamp Wind Energy North America. The buyer, Sovereign Bank NA, is a subsidiary of Banco Santander.
CohnReznick's national renewable energy practice and the RCMS team provided financial, tax and auditing consulting; valuation; and structuring services.
The project has a power purchase and operating agreement with the Puerto Rico Electric Power Authority, which contracted 100% of the power produced, along with the renewable energy credits.