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| Acciona closes financing for US wind farm project Spanish building firm Acciona announced the closing of 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 that went online this spring. JP Morgan Capital Corp led the tax equity investment and co-invested with an affiliate of Union Bank, N.A. in a $100 million equity investment. In addition, the project's long-term financing included a $65 million debt tranche which was provided by Prudential Capital Group. Red Hills Wind Farm is the first renewable energy project that Acciona developed and built in the state of Oklahoma. Using 82 Acciona Windpower 1.5 MW wind turbines, Red Hills Wind Farm is able to generate enough clean energy to power over 40,000 U.S. homes and offset approximately 294,000 tons of CO2 emissions annually. The energy generated at Red Hills Wind Farm is sold to Western Farmers Electric Cooperative (WFEC) in a 20 year power purchase agreement (PPA). Construction of the multi-million dollar project began in May 2008, installed by the end of 2008 and dedicated in June. write your comments about the article :: © 2009 Construction News :: home page |