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Quinbrook closes $268m financing to build 200MW Oklahoma wind farm

CTBR Staff Writer Published 17 January 2018

Quinbrook Infrastructure Partners has completed construction and tax equity financing of $268m for the first phase of 365MW Persimmon wind farm in Oklahoma.

The first phase of the project includes construction of a 200MW capacity. The phase will include 73 of 2.5MW and seven of 2.3MW turbines to be supplied from GE.

GE Energy Financial Services has committed to provide $190m in tax equity financing for the project and has served as a bookrunner, administrative agent and lender for $252m of credit facilities.

Quinbrook senior managing director Shawn Cumberland said: "The Persimmon wind project is the perfect addition to Quinbrook's growing wind portfolio, which now exceeds two gigawatts. 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."

Recently, Quinbrook has acquired 75% controlling stake in Persimmon and formed a joint venture with Elawan Wind (formerly Gestamp Wind), the initial developer of the project.

Persimmon secured dual interconnection agreements to connect  365MW of capacity, which will be split into two phases, Southwest Power Pool network in Oklahoma. The first phase is expected to begin power generation by the end of first half of this year.

Once completed, the Persimmon wind farm is expected to generate about 900,000MWh of clean energy every year, which is equivalent of offsetting 630,000 metric tons of carbon dioxide.

The Quinbrook and Elawan claim to have secured long-term offtake commitments with an investment grade counterparty to support the overall financing.

GE onshore wind business president and CEO Pete McCabe said: "We are pleased to partner with Quinbrook and Gestamp on this exciting project as we work to bring wind power to more communities across the US Persimmon is an example of GE's scope, with GE Renewable Energy providing the technology and GE Energy Financial Services providing the tax equity and leading the construction debt.”

Image: Quinbrook closes finance for construction of 200MW wind farm in Oklahoma. Photo: Courtesy of General Electric.