18 Jan Tax equity and construction financing secured for GE-supplied US wind project
Quinbrook Infrastructure Partners has closed a US$268 million tax equity and construction financing deal for the build of a 200MW wind project in the US state of Oklahoma.
The project is the first stage of the 365MW Persimmon wind farm of which Quinbrook has acquired a 75% controlling stake in, along with the initial developer Elawan Wind.
Quinbrook is a global investment manager specialising in low-carbon and renewable energy infrastructure assets.
Global energy giant GE will supply 73 2.5MW turbines and seven 2.3MW turbines to the project, with its the energy investing unit, GE Energy Financial Services, also committing over $190 million of tax equity financing.
“The Persimmon wind project is the perfect addition to Quinbrook’s growing wind portfolio, which now exceeds 2GW,” said Shawn Cumberland, Senior Managing Director at Quinbrook.
“We have also found an ideal partner in Elawan, who have successfully developed the project over several years in one of the US’ strongest wind regimes, Oklahoma.
“As partners, we have successfully navigated the many challenges arising from the recent US tax reform legislation and secured a very competitive financing package led by GE, as well as long-term offtake commitments with a first-rate counterparty.”
Completion of the first stage and first power generation is scheduled for mid-2018. Persimmon is expected to generate nearly 900,000MWh of renewable energy every year.