In late December 2017 the Persimmon wind farm project in Oklahoma closed construction and tax equity financing of the 200 MW first stage of the 365 MW project.
Orrick partner Neil Golden led a large team of energy and tax attorneys in advising client Elawan Wind (formerly Gestamp Wind) on this project, including negotiating the turbine supply agreements and the BOP contract, and in the structuring, formation and closing of the equity funding for the joint venture entity between Elawan and Quinbrook Infrastructure Partners. The Orrick team also assisted the joint venture entity in connection with certain aspects of the tax equity financing and construction loan.
Persimmon secured dual interconnection agreements for connection to the Southwest Power Pool network in Oklahoma, for up to 365 MW of capacity split into two phases. The first phase is 200 MW, with completion and first generation scheduled for mid-2018 using GE wind turbines. The Quinbrook and Elawan teams secured long-term offtake commitments with an investment grade counterparty to support the overall financing. Once operational, Persimmon is expected to generate nearly 900,000 MWh of zero emissions renewable power every year—equivalent to offsetting 630,000 metric tons of carbon dioxide annually.