Acciona Closes Financing for Wind Farm

Acciona closes 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.
“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,” said Susan Nickey, CFO, 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 Corporation led the tax equity investment and co-invested with an affiliate of Union Bank, N.A. in a $100 million equity investment. Commented John Eber, managing director, Energy Investments, JP Morgan Capital Corporation: “In this financial marketplace, the importance of a quality project, due diligence package, and sponsor support are paramount. J.P. Morgan remains committed to making equity investments in renewable energy projects. ”

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