ACCIONA Energy announced that it has closed tax equity financing for the San Roman Wind Farm 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.
San Roman is a 93MW wind power 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 San Roman Wind Farm will produce enough energy to power more than 30,000 U.S. homes.
“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 7 permanent jobs during the operations phase. 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 will also establish a scholarship fund and a community benefit fund to support the community.