In a deal completed at the end of 2014, D.E. Shaw Renewable Investments (DESRI) acquired the 300 MW Balko Wind project from Apex Clean Energy. Financial terms were not disclosed.
The project, which features 162 GE 1.85-87 wind turbines, is situated in one of the strongest wind resources in the state of Oklahoma. The Public Service Company of Oklahoma and Western Farmers Electric Cooperative have agreed to purchase the project's output.
Over its lifetime, the project is expected to generate an estimated $33.75 million in new tax revenue for Beaver County and local schools. It is also expected to support about $196 million in local purchasing and $68 million in new payroll regionally, while directly creating a dozen long-term, high-quality local jobs.
Construction financing for the Beaver County, Okla.-based project was provided by Santander Bank NA, KeyBank NA, Citi, and Banco de Sabadell SA, Shaw notes. Commitments for tax equity financing were provided by affiliates of Bank of America Merrill Lynch, General Electric Capital Corp., Google Inc. and Citi.
CohnReznick Capital Markets Securities LLC acted as advisor to DESRI for the tax equity financing.
