Macquarie Capital is working with two tax equity investors on the financing of a roughly $250 million wind project in Texas.
State Street and Siemens Financial Services are providing the tax equity for Macquarie's 210 MW Canadian Breaks project in Oldham and Deaf Smith counties, according to paperwork filed with the Texas Public Utility Commission.
The parties to the tax equity deal are aiming to close by Aug. 1 and the project is due to be online that same month. The project is being fitted with Siemens Gamesa turbines.
The financial terms of the investment and involvement of any advisers could not be immediately established. Spokespeople for State Street in Boston and for Macquarie in New York declined to comment.
Macquarie announced that it had reached financial close on the Canadian Breaks project last June, noting that it had an energy hedge with an undisclosed counterparty (PFR, 6/28/18).
The financing comprised a construction loan from Rabobank, National Australia Bank and Siemens Financial Services, which bridges to the tax equity commitments.
At the time, Macquarie Group was itself listed as a tax equity investor alongside an undisclosed third-party investor.
“Canadian Breaks is the first US greenfield wind project we have developed from inception and is the only deal to close in Texas’s panhandle since 2016,” said Thomas Houle, managing director at Macquarie, in a statement at the time.
Editor's Note: A previous version of this article incorrectly named Candela Renewables as the developer of the Canadian Breaks project. In fact it was developed by Macquarie's own infrastructure development team.