Marathon Capital is pleased to announce the successful sale of PRC Wind's 470-megawatt Wind Development Portfolio to Tenaska. Marathon Capital acted as exclusive financial advisor to PRC Wind on the sale.
PRC Wind is a Minneapolis-based company with a strong record of successful wind development. The Wind Development Portfolio is comprised of three mid-stage projects in Minnesota and North Dakota. All three projects will interconnect to the Midcontinent Independent System Operator (MISO) regional transmission system, with one of the projects also able to interconnect with Southwest Power Pool (SPP).
Following the transaction, PRC will continue to provide support services to Tenaska through completion of local development activities. Tenaska will assume overall development responsibility, as well as financing, construction and operations, and plans to utilize its inventory of "safe harbor" wind turbines to achieve full production tax credit qualification.
Tenaska, based in Omaha, Nebraska, has successfully developed approximately 10,000 MW of natural gas-fueled and renewable power projects. "These wind projects are located in regions with both good wind resources and a growing need for renewables," said Joel Link, Vice President of Development at Tenaska. "We are excited to add them to Tenaska's development portfolio."
"We are proud to have helped facilitate such a mutually beneficial and strategically important transaction for our client and Tenaska," said Felipe Arrazola, Vice President at Marathon Capital.
Source: Marathon Capital
Date: Oct 28, 2016