EDF nails down financing for California Pacific Wind project

EDFsays project financing was done through a sale-leaseback transaction with Bankers Commercial Corp, a subsidiary of Union Bank, Metropolitan Life Insurance Company, and Citibank. Terms of the deal were not released.

San Diego Gas and Electric is purchasing the electricity from Pacific Wind under a 20-year agreement with EDF. REpower supplied MM92 2.05MW wind turbines for the project.

"Policy support, such as California's 33% mandate for renewable energy and the federal Production Tax Credit, are critical to level the playing field and provide for a stable wind industry that continues to produce jobs and tax revenues to local economies,” says Mark Tholke, vice president of EDF Renewable Energy's Southwest Region.

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