Quincy, Mass.-based Meridian Clean Fuels and its broker-dealer affiliate, Meridian Investments, have announced the completion of White Creek Wind I, a 205 MW wind farm in Klickitat County, Wash., using a ‘power prepay’ financing structure.
The wind project was developed by four publicly owned utilities, Cowlitz County Public Utility District (PUD), Klickitat County PUD, Lakeview Light & Power and Tanner Electric Co-op, to provide renewable electric power to their customers and other utilities in the Northwest.
Meridian Clean Fuels and a group of advisors were responsible for structuring the power prepay transaction so that the utilities could benefit from tax credits associated with wind power, resulting in a lower cost of power.
Meridian arranged the tax equity financing, which was ultimately placed with Lehman Brothers and Prudential Capital Group. HSH Nordbank AG provided construction financing for the project.