CohnReznick and Reznick Capital Markets close Punta Lima wind farm sale

Tuesday, Mar 12, 2013

A multi-disciplinary renewable energy team from CohnReznick LLP (CR), along with key members of Reznick Capital Markets Securities (RCMS), announced the closing of an $88 million sale and leaseback transaction of the 23.4 megawatt Punta Lima wind farm outside Naguabo, Puerto Rico.

“Their expertise in renewable energy transactions and comprehensive financial and accounting services was critical throughout this complex financial transaction.”

CR/RCMS provided expertise in consulting and advisory services to the seller and long standing client of the firm, Gestamp Wind Energy North America. The buyer, Sovereign Bank, N.A., is a subsidiary of Banco Santander.

“We are pleased to be working closely with CohnReznick and Reznick Capital Markets Securities, who we selected as a direct result of their proven track record of advising us on a total of four wind farms to date,” said Gestamp Wind CFO Alejandro Burgaleta. “Their expertise in renewable energy transactions and comprehensive financial and accounting services was critical throughout this complex financial transaction.”

CohnReznick’s National Renewable Energy Practice and the RCMS team played a central role in the deal, providing financial, tax and auditing consulting, valuation and structuring services.

“Our team was able to continuously evolve its approach as we worked with Gestamp Wind to help navigate the challenges associated with financing a wind farm in Puerto Rico,” said Robert Sternthal, Reznick Capital Markets Securities. “As a result of our depth of knowledge in the renewable energy space, we were well positioned to overcome related obstacles and challenges and provide the leadership to successfully finalize this deal in a short time frame.”

Source: Business Wire