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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