Spanish renewable energy developer Gestamp has divested its 23.4MW Punta Lima wind farm in Puerto Rico for $88m.
Sovereign Bank, a subsidiary of banking major, Banco Santander purchased the assets from Gestamp Wind while US-based CohnReznick (CR) and Reznick Capital Markets Securities (RCMS) provided advisory and consultant services for the transaction.
Gestamp Wind CFO Alejandro Burgaleta said that the expertise of CR and RCMS in renewable energy space alongside comprehensive financial and accounting services played a key role in the transaction.
Electricity generated by the facility along with the renewable energy credits will be delivered to the Puerto Rico Electric Power Authority (PREPA), under a Power Purchase and Operating Agreement.
CohnReznick Renewable Energy Practice national co-leader Tim Kemper added, "We’re very proud to bring this project to fruition.
"With our fully integrated approach to service delivery, CohnReznick was ideally placed to help PREPA modify its energy portfolio by reducing its oil consumption through increasing renewable energy deployment."
The wind farm is powered by 13 V100 turbines of 1.8MW each, supplied by Vestas to generate 52GWh of energy per annum.