Commerzbank and Rabobank through their New York offices will provide credit facilities that include construction, ITC-cash-grant bridge, and term loans for a total amount in excess of $60 Million. Milbank Tweed Hadley McCloy LLP served as legal counsel to the lenders. Kaye Scholer LLP served in that capacity for RPM Access.
“We are very pleased to have received financing from two highly-respected and leading financial institutions in the international renewable energy arena that will provide both short-term and long-term funding for the Elk Wind Farm in America’s heartland” said Stephen Dryden, RPM Access’ principal.
Construction on the Elk wind energy project commenced in December, 2010 and is on schedule to be fully operational in the fall of 2011. The project consists of 17 Nordex 2.5 megawatt wind turbines, manufactured at Nordex’ new Jonesboro-Arkansas facility, with the capacity to generate clean renewable energy for more than 15,000 homes. Central Iowa Power Cooperative (“CIPCO”) based in Cedar Rapids-Iowa will purchase the power generated by the project under a 20-year power purchase agreement. M.A. Mortenson of Minneapolis-Minnesota is the construction contractor for the project.
The Elk Wind Farm is RPM Access’ second project under construction this year. Last December MidAmerican Energy Company announced the acquisition of RPM Access’ 120-megawatt Laurel wind farm project which is currently under construction in Marshall County, Iowa.
RPM Access, headquartered in West Des Moines-Iowa, is an independent developer, owner and operator of wind projects with its main focus on the development and sale of high quality wind farms in the Midwest. Over the last ten years RPM Access initiated the development of 370-megawatt of operating wind farms located in Iowa. A major milestone in the company’s growth, Elk is RPM Access’ first entry into the wind energy market as owner/operator.