Renewable Power Markets Access (RPM Access, www.rpmaccess.com) says it has secured construction and term financing on its 42.5-MW Elk wind energy project in Delaware County, Iowa. Construction on the Elk wind-energy project began late 2010 and is on pace for commissioning by fall of 2011. The project consists of 17 Nordex, 2.5-MW turbines, manufactured at the firm’s Jonesboro-Arkansas facility. Financing will come from Commerzbank and Rabobank for construction, an ITC-cash-grant bridge, and loans for about $60
Central Iowa Power Cooperative in Cedar Rapids will purchase the power generated by the project under a 20-year PPA. M.A. Mortenson of Minneapolis-Minnesota is the construction contractor for the project.
The Elk Wind Farm is RPM Access’ second project under construction this year. Last December MidAmerican Energy Company announced the acquisition of RPM Access’ 120-MW Laurel wind project under construction in Marshall County, Iowa.
RPM Access, headquartered in West Des Moines-Iowa, is an independent developer, owner and operator of wind projects with its main focus on development and sale of high quality wind farms in the Midwest. Over the last ten years RPM Access initiated the development of 370-MW of operating wind farms in Iowa. Elk is RPM Access’ first entry into the wind energy market as owner/operator.