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Wind farm sold.

WIND FARM SOLD. Gestamp Wind Energy North America announced the sale of the 23-megawatt Punta Lima wind farm outside Naguabo to Sovereign Bank, N.A., a subsidiary of Banco Santander, reports News Is My Business (May 12, 2013). The operation is the first in Puerto Rico for the company, a division of Spain's Corporacion Gestamp. The project consists of 13 wind turbines in production since October 2012, with the capacity to meet the energy demands for several towns along the east, including Culebra, Las Marias, Florida, Maricao, Maunabo and Adjuntas. The project cost $82 million and created 130 jobs when inaugurated last year. A renewable energy team from New Yorkbased CohnReznick LLP, along with key members of Reznick Capital Markets Securities, helped Gestamp pull off the sale and leaseback transaction. The wind farm has a power purchase and operating agreement with the Puerto Rico Electric Power Authority, which contracted 100% of the energy produced along with the renewable energy credits.
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Title Annotation:PUERTO RICO
Publication:Caribbean Update
Date:Apr 1, 2013
Words:160
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