USB Provides Financing For Flat Water Wind Farm

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Minneapolis-based U.S. Bancorp (USB), Gestamp Wind North America and Banco Santander SA have announced that tax-equity financing is complete for the recently completed Flat Water wind farm, which comprises 40 GE wind turbine generators, each capable of producing 1.5 MW of electricity, with a total installed capacity of 60 MW.

This is the first transaction USB has closed with Gestamp Wind North America, which is an affiliate of Gestamp Corp., and Banco Santander, which are both headquartered in Madrid. Additional funds were secured from Rabobank NA and Third Planet Wind Power LLC, an affiliate of Morgan Stanley Renewable Development Fund LLC.

The project, located in Richardson County, Neb., was completed in December 2010 and has a 20-year renewable energy purchase agreement with Omaha Public Power District.

SOURCE: U.S. Bancorp

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