enXco says it has closed on the project financing for its Shiloh III wind project with equity partner Santander through its U.S. subsidiary, Sovereign Bank NA. The deal was structured as a single investor lease.
The Shiloh III project, located in Solano County, Calif., consists of 50 REpower 2.05 MW turbines. The project achieved commercial operation in December 2011 and delivers renewable energy to Pacific Gas & Electric (PG&E) under a 20-year power purchase agreement. The Shiloh III project will be operated and maintained by enXco Service Corp.
‘The single investor lease arrangement demonstrates enXco's ability to identify the optimal solution for each unique project dependent on tax efficiency,’ explains Deborah Gronvold, executive vice president of structured finance and generation for enXco.