ACCIONA Energy announced Feb. 4 that it has closed tax equity financing for the 93-MW San Roman Wind Farm in Texas with Bank of America Merrill Lynch.
ACCIONA recently acquired the San Roman Wind Farm as part of the company’s renewed focus on building renewable energy projects in the U.S. The project was acquired from developer Pioneer Green Energy. San Roman is a 93-MW project located in Cameron County, near the southeast coast of Texas. ACCIONA Energy is currently constructing and will own and operate the San Roman project, which is expected to be completed by the end of 2016.
The power generated by the project will create a more reliable supply of electricity for Texas’ Rio Grande Valley, an area that has suffered rolling blackouts in recent years due to a lack of local electric resources, the company noted.
“As ACCIONA works to build new clean energy projects in the highly competitive U.S. market, we need partners like Bank of America Merrill Lynch who understand renewable energy and the innovative financial solutions that can move our industry forward,” said Ilya Hartmann, CEO of ACCIONA Energy North America. “This deal was a team effort made possible by the collaboration, expertise, and dedication of both parties.”
“Bank of America Merrill Lynch is pleased to work with ACCIONA Energy on this significant wind power project in southeastern Texas,” said Todd Karas, head of Renewable Energy Finance at BofA Merrill. “We believe the financial services sector is in a unique position to help and provide the much needed capital and financing to accelerate a low carbon economy. Our $125 billion environmental business initiative demonstrates that commitment through lending, investing, capital raising, advisory services and developing financing solutions.”
The San Roman Wind Farm will create roughly 80 full-time jobs during construction and seven permanent jobs while operating. Over its 25-year lifespan, the project is expected to pay over $30 million in local taxes to benefit entities such as the Cameron County schools, water districts and hospitals and is expected to generate over $25 million in lease payments to local landowners.
ACCIONA currently has 628 MW of wind capacity operational in the United States, with three wind farms in Oklahoma (329 MW), one in North and South Dakota (180 MW), one in Illinois (100.5 MW) and another two in North Dakota and Iowa (12 MW and 6 MW respectively). It also has a 64-MW concentrating solar plant in Nevada.
In nearby countries, the company owns and operates 181 MW of wind power capacity in Canada (in Alberta, Ontario and New Brunswick) and 556 MW in Mexico (all in Oaxaca).
With the new wind farm, ACCIONA Energy’s renewable energy capacity will exceed 1,500 MW in North America.
ACCIONA will invest around $2.5 billion by 2020 to build new renewable energy installations worldwide, increasing the company’s capacity by approximately 1,900 MW.
ACCIONA Energy owns and operates 220 wind farms totaling 7,208 MW; 79 hydro plants (888 MW); 314 MW in CSP, 143 MWp in photovoltaic energy and 61 MW in biomass. The company develops projects for third-party customers in wind and photovoltaic power, produces wind turbines using in-house technology and markets power to major customers. It belongs to the ACCIONA Group, one of Spain’s largest corporations.