ACCIONA Energy has closed tax equity financing with Bank of America Merrill Lynch for the San Roman Wind Farm which is currently being installed in Texas (USA), as part of the company’s renewed focus on building renewable energy projects in the country.
San Roman is a 93 MW wind power project located in Cameron County, near the southeast coast of Texas. ACCIONA will own and operate the San Roman project when it enters service, which is expected to happen 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 homes.
Ilya Hartmann, CEO of ACCIONA Energy North America, said:
“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. This deal was a team effort made possible by the collaboration, expertise, and dedication of both parties.”
Todd Karas, head of Renewable Energy Finance at BofA Merrill, commented:
“Bank of America Merrill Lynch is pleased to work with ACCIONA Energy on this significant wind power project in southeastern Texas. 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.”