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 February 4, 2016 - 8:30 AM EST
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ACCIONA and Bank of America Merrill Lynch Complete Financing for San Roman Wind Farm in Texas

  • The 93-MW project is currently under construction and will enter service by the end of 2016

ACCIONA Energy announced that it has closed tax equity financing for the San Roman Wind Farm with Bank of America Merrill Lynch. ACCIONA recently acquired the San Roman Wind Farm as part of the company’s renewed focus on building renewable energy projects in the U.S.

San Roman is a 93 megawatt (MW) wind power project located in Cameron County, near the southeast coast of Texas. ACCIONA Energy is currently constructing and will own and operate the San Roman project, which is expected to be completed by the end of 2016.

The power generated by the project will create a more reliable supply of electricity for Texas’ Rio Grande Valley, an area that has suffered rolling blackouts in recent years due to a lack of local electric resources. The San Roman Wind Farm will produce enough energy to power more than 30,000 U.S. homes.

“As ACCIONA works to build new clean energy projects in the highly competitive U.S. market, we need partners like Bank of America Merrill Lynch who understand renewable energy and the innovative financial solutions that can move our industry forward,” said Ilya Hartmann, CEO of ACCIONA Energy North America. “This deal was a team effort made possible by the collaboration, expertise, and dedication of both parties.”

“Bank of America Merrill Lynch is pleased to work with ACCIONA Energy on this significant wind power project in southeastern Texas,” said Todd Karas, head of Renewable Energy Finance at BofA Merrill. “We believe the financial services sector is in a unique position to help and provide the much needed capital and financing to accelerate a low carbon economy. Our $125 billion environmental business initiative demonstrates that commitment through lending, investing, capital raising, advisory services and developing financing solutions.”

The San Roman Wind Farm will create roughly 80 full-time jobs during construction and 7 permanent jobs during the operations phase. Over its 25 year lifespan, the project is expected to pay over $30 million in local taxes to benefit entities such as the Cameron County schools, water districts and hospitals and is expected to generate over $25 million in lease payments to local landowners. ACCIONA will also establish a scholarship fund and a community benefit fund to support the community.

Presence in North America

ACCIONA currently has 628 MW of wind power capacity operational in the United States, with three wind farms in Oklahoma (329 MW), one in North and South Dakota (180 MW), one in Illinois (100.5 MW) and another two in North Dakota and Iowa (12 MW and 6 MW respectively). It also has a 64 MW concentrating solar plant in Nevada.

In nearby countries, the company owns and operates 181 MW of wind power capacity in Canada (in Alberta, Ontario and New Brunswick) and 556 MW in Mexico (all in Oaxaca).

With the new wind farm, ACCIONA Energy’s renewable energy capacity will exceed 1,500 MW in North America.

ACCIONA will invest around $2.5 billion by 2020 to build new renewable energy installations worldwide, increasing the Company’s capacity by approximately 1,900 MW.


ACCIONA Energy is a global operator in renewable energies with over 20 years’ experience in the sector. It owns and operates 220 wind farms totaling 7,208 MW; 79 hydro plants (888 MW); 314 MW in CSP, 143 MWp in photovoltaic energy and 61 MW in biomass. The company develops projects for third-party customers in wind and photovoltaic power, produces wind turbines using in-house technology and markets power to major customers.

It belongs to the ACCIONA Group, one of Spain’s largest corporations. It operates in infrastructure, energy, water and services in over 30 countries. Its corporate motto “Pioneers in development and sustainability” reflects its commitment — across all its activities — to contribute to economic growth, social welfare and the protection of the environment. This effort has been recognized through its inclusion in the Dow Jones (DJSI) and FTSE4Good sustainability indexes. ACCIONA is quoted on the Madrid stock index, has a 33,000-strong workforce and posted revenues of 6,500 million euros in 2014.

About Bank of America Merrill Lynch

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with 32 million active users and approximately 19 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

''Bank of America Merrill Lynch'' is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, leasing, equipment finance and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

©2016 Bank of America Corporation.

All rights reserved. Bank of America, Merrill Lynch, Broadcort and their logos are trademarks of Bank of America Corporation and/or its affiliates.

Peter Gray, 312-629-9400
For Bank of America Merrill Lynch:
Will Wilson, 980.388.3360

Source: Business Wire (February 4, 2016 - 8:30 AM EST)

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