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ACCIONA Closes Long-Term Financing for Red Hills Wind Farm Project.

Publication: Energy Weekly News
Publication Date: 04-SEP-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
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.

Commented Susan Nickey, CFO, ACCIONA Energy North America: "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. We are pleased to have attracted a new commitment in 2009 to provide an equity structure from our investors utilizing the Production Tax Credit (PTC) for the Red Hills project."

JP Morgan Capital Corporation led the tax equity investment...

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