RPM Access says it has secured construction and term financing for two wind farms currently under construction in Iowa: the 36 MW Hawkeye wind energy project in Fayette County and the 50 MW Rippey wind energy project in Greene County.
Rabobank and BayernLB, through their New York offices, will provide credit facilities that include construction, investment tax credit cash-grant bridge and term loans in excess of $116 million. Milbank Tweed Hadley McCloy LLP served as legal counsel to the lenders, and Kaye Scholer LLP served as legal counsel to RPM Access.
Construction on the projects began in November 2011, and both projects are on schedule to be fully operational beginning this fall. Combined, the two projects will consist of 35 Nordex 2.5 MW turbines manufactured at Nordex USA's new manufacturing facility in Jonesboro, Ark. Mortenson Construction is the construction contractor for both projects.
The two projects together will generate enough energy to serve more than 30,000 homes. Central Iowa Power Cooperative will purchase the power generated by both projects under long-term power purchase agreements.