April 7 (Renewables Now) - Capital Power Corp (TSE:CPX) has closed the acquisition of the 100.5-MW Buckthorn wind farm in Texas and secured tax equity financing for another wind park in Illinois.
The Canadian power producer has purchased the Buckthorn asset from private investors, financing 100% of it with debt, it said last week. The acquisition price will range between USD 60 million (EUR 55.4m) and USD 69 million, depending on the realisation of future market performance and entering into a tax equity partnership with a balance of USD 68 million.
Located in Erath County, the power plant uses 29 Vestas turbines that were switched on in January 2018. It operates under a 20-year contract for difference (CfD) for 55% of its production and a 13-year financial hedge arrangement for the remaining 45% of the output.
Separately, Capital Power said it has obtained USD 157 million in net tax equity financing for its recently commissioned 150-MW Cardinal Point wind farm. The funding was provided by two unnamed financial institutions in the US in exchange for Class A interests of a subsidiary of Capital Power.
The 150-MW Cardinal Point wind park was brought live in the middle of March.
(USD 1.0 = EUR 0.923)