Kaye Scholer Represents RPM Access in Its Construction and Term Project Financing for Elk Wind Energy Project
June 9, 2011
Kaye Scholer LLP represented RPM Access in connection with construction and term project financing in excess of $60 million for its 41 megawatt Elk wind energy project located in Delaware County, Iowa. The Elk Wind Farm has the capacity to provide clean, renewable energy for more than 15,000 homes and has a 20-year power purchase agreement with Central Iowa Power Cooperative.
The Kaye Scholer team was led by Jeffrey A. Chester and included Victoria A. Gilbert, Elizabeth C. Sluder and Andrew Fan.
The following press release was issued earlier today.
RPM Access Announces Closing of Construction and Term Financing for Elk Wind Energy Project
RPM Access announces it has secured construction and term financing on its 41-megawatt Elk wind energy project located in Delaware County, Iowa. Commerzbank and Rabobank will provide credit facilities that include construction, ITC-cash-grant bridge, and term loans for a total amount in excess of $60 Million.
WEST DES MOINES, Iowa - June 9, 2011 - RPM Access (Renewable Power Markets Access) announces it has secured construction and term financing on its 41-megawatt Elk wind energy project located in Delaware County, Iowa.
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 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 project which is currently under construction in Marshall County, Iowa.
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About RPM Access LLC
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. For more information: http://www.rpmaccess.com.
For further information:
RPM Access LLC
Felix Friedman
312.330.5050