Clifford Chance announces that it represented Commerzbank AG, New York Branch in connection with the tax equity bridge financing of the 250 MW Amadeus wind farm project to be constructed in Kent, Fisher and Stonewall Counties in the US state of Texas. The projects will be developed by a subsidiary of BayWa AG and will utilize GE wind turbines.
The bridge loan facility will provide construction financing and liquidity support to the project prior to funding by the tax equity investors. The tax equity investors are subsidiaries of GE and Berkshire Hathaway. The financing also includes an LC facility. The tax equity structure is based on the availability of the production tax credit ("PTC") for wind projects under the IRS's safe harbor rules. The project company has entered into a long-term energy hedge with Morgan Stanley for the project's offtake.
The Firm's cross-office team was led out of New York by partner Chris Willott and included associates Peter Hughes and Greg Jehle in Washington, DC.
Texas law and specialist regulatory advice was provided by Jones Walker LLC.