Renewable Power Markets Access (RPM Access) says it has secured construction and term financing on its 41 MW Elk wind project, located in Delaware County, Iowa.
Commerzbank and Rabobank will help the company obtain funds from the cash grant, as well as provide credit facilities that include construction and term loans. The cash grant and loans will total approximately $60 million. Milbank Tweed Hadley McCloy LLP served as legal counsel to the lenders. Kaye Scholer LLP served in that capacity for RPM Access.
Construction commenced in December 2010, and the project is on schedule to be fully operational by this fall. The project consists of 17 Nordex 2.5 MW turbines manufactured at Nordex's Jonesboro, Ark., facility. Central Iowa Power Cooperative will purchase the power generated by the project under a 20-year power purchase agreement. Mortenson is the construction contractor for the project.