Quinbrook confirms equity financing of 365 MW wind project in Oklahoma

Quinbrook Infrastructure declared that the Quinbrook low Carbon Power Fund has completed construction and tax equity financing of the 200 MW first stage of the GE-powered 365 MW Persimmon wind farm project in Oklahoma.

GE Renewable Energy is the project’s wind turbine supplier, providing 73 of its 2.5 MW turbine and seven 2.3 MW turbines. GE Energy Financial Services, the energy investing unit of GE, has committed to provide over $190 million of tax equity financing to the project and served as bookrunner, administrative agent and lender for $252 million of credit facilities. GE Energy Financial Services arranged financing from CIT, MUFG and Rabobank, who were the Joint Lead Arrangers on the transaction.

Shawn Cumberland, Senior Managing Director at Quinbrook stated “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 off-take commitments with a first-rate counterparty.”

Persimmon is expected to generate nearly 900,000 MWh of zero emissions renewable power every year thereby mitigating 630,000 metric tons of carbon dioxide annually.