Financing in place for Flat Water Wind Farm in Nebraska

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Financing in place for Flat Water Wind Farm in Nebraska

Tax equity financing is in place for Gestamp Wind's recently completed 60 MW Flat Water Wind Farm in Nebraska, USA.

U.S. Bancorp, the parent company of U.S. Bank, and Banco Santander have invested in tax equity for the project. Additional funds were secured from Rabobank and Third Planet Wind Power, an affiliate of the Morgan Stanley Renewable Development Fund.

Located in Richardson County roughly 140 km south of Omaha near Falls City, Nebraska, the project was completed in December 2010 and has a total generating capacity of 60 MW.

The site is comprised of 60 GE wind turbines, each capable of producing 1.5 MW.

A 20-year Power Purchase Agreement (PPA) is in place with Omaha Public Power District (OPPD) to purchase 100 % of the 213 GW produced by the wind farm annually.

Alejandro Burgaleta, CFO of Gestamp Wind, has commented:

"This project has been the culmination of more than three years of planning and hard work by those dedicated to the idea of providing tomorrow's energy sources today. U.S. Bank was a natural partner due to their leadership and experience in the tax equity market."

Omaha Public Power District (OPPD) is a publicly owned electric utility which serves more customers than any other electric utility in Nebraska. It is targeting to source 10 % of the electricity it sells from renewables by 2020.

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