SAN DIEGO, CA -- (Marketwire) -- 02/29/12 -- enXco, an EDF Energies Nouvelles Company, closed on the project financing for the Shiloh III Wind Project on February 16th with equity partner Santander through its US subsidiary Sovereign Bank, N.A. The deal, structured as a single investor lease, raises enXco's successful project financing in North America to nearly $4 billion over the last 10 years.
Shiloh III, located in Solano County, California consists of 50 REpower 2.05 MW turbines. The project achieved commercial operation in December 2011 delivering clean, renewable electricity to Pacific Gas & Electric (PG&E) under a 20-year power purchase agreement. The Shiloh III Wind Project will be operated and maintained by enXco Service Corporation.
"The single investor lease arrangement demonstrates enXco's ability to identify the optimal solution for each unique project dependent on tax efficiency," stated Deborah Gronvold, Executive Vice President, Structured Finance and Generation for enXco. "I extend my gratitude to the expertise of our Structured Finance team including Jim Peters, Michael Wheeler, Hamed Baatout, and the strong interdepartmental support required to bring the project financing to completion. We also appreciate the opportunity to work on our first equity transaction as partners with Santander."
"We are very pleased to announce the closing of this single investor lease transaction in the US market, reinforcing Santander's active participation in the renewable energy space," said Federico Papa, Santander's Head of Global Banking and Markets in the US. "This transaction has given us the opportunity to work with a very experienced sponsor such as enXco and to widen and strengthen our relationship with the EDF Group."
About enXco, an EDF EN Company:
enXco (www.enxco.com) -- an EDF Energies Nouvelles Company (www.edf-energies-nouvelles.com) -- develops, constructs, operates and manages renewable energy projects throughout the United States. For more than two decades, they have been a leader in wind-energy focusing on large-scale wind projects. enXco's portfolio includes solar and biomass technologies, in an effort to help drive the transition to a sustainable energy economy. enXco has grown to be a significant owner and developer of wind-energy installations in the United States, and is the largest third-party operations and maintenance provider for wind farms in North America.
About Santander Holdings USA, Sovereign Bank and Banco Santander
Santander Holdings USA, Inc. (SOV:US) is a wholly owned subsidiary of Banco Santander, S.A., and parent company of Sovereign Bank and Santander Consumer USA. Banco Santander is a retail and commercial bank, headquartered in Spain, with a presence in 10 main markets: Spain, Portugal, Germany, the UK, Poland, Brazil, Mexico, Chile, Argentina and the U.S. Founded in 1857, Santander has 100 million customers, approximately 14,700 branches -- more than any other international bank -- and more than 191,000 employees. For more information on Santander, visit http://www.santander.com.
Sovereign Bank is a financial institution with principal markets in the northeastern United States. Sovereign has more than 700 branches, about 2,300 ATMs, and approximately 8,600 team members. For more information on Sovereign Bank, visit http://www.sovereignbank.com or call 877-SOV-BANK.
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