Acciona Closes Long-Term Financing For Red Hills Wind Farm Project In Oklahoma

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Spain-based energy company Acciona Energy has closed two simultaneous project finance transactions – a tax equity and a debt transaction – which, in combination with sponsor equity from Acciona, provide long-term funding for the approximately $252 million capital investment in the company's 123 MW Red Hills Wind Farm in Oklahoma that went online this spring.

‘While the tax credit investor and lending markets have experienced constrained capital availability, U.S.-based institutions are still committing to new renewable energy project investments,’ says Susan Nickey, chief financial officer for Acciona Energy North America. ‘We are pleased to have attracted a new commitment in 2009 to provide an equity structure from our investors utilizing the production tax credit for the Red Hills project.’

JP Morgan Capital Corp. led the tax-equity investment and co-invested with an affiliate of Union Bank NA in a $100 million equity investment. The project's long-term financing included a $65 million debt tranche, which was provided by Prudential Capital Group.

The Red Hills Wind Farm consists of 82 1.5 MW Acciona Windpower wind turbines. The energy generated at the wind farm is sold to Western Farmers Electric Cooperative through a 20-year power purchase agreement.

SOURCE: Acciona Energy

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