Partnership deal for 60MW wind project in Nebraska

June 28, 2010

A financing partnership has been agreed for a 60-megawatt wind farm being built in Nebraska.

Gallop Power agreed the arrangement with Spanish developer Gestamp Wind North America and Spanish bank Santander to finance the Flat Water Wind project currently under construction in Richardson County.

The facility is expected to begin commercial operations by December 31, 2010.

It is designed to include 40 turbines supplied by GE.

Stephen Wiley, president of Gallop Power, said the partnership with Gestamp Wind and Santander would provide “significant benefits” to the long-term viability of the Flat Water. project

He said: “These two companies have been engaged in the energy renewable business for many years and have long track records of success. The skill and expertise of these two companies will only enhance the successful construction and operations of Flat Water.”

Gallop Power has its HQ in Austin, Texas, and owns a 16MW biomass plant in Maine along with the Flat Water project.

Gestamp

The deal will see Flat Wind becoming the first operating project in the US for Gestamp Wind, which has its North America headquarters in Houston, Texas.

Javier Mateache, CEO of Gestamp Wind North America, said: “We are delighted to participate in such a solid project with complementary parties that add value to our core competencies. Our investment in Flat Water is another important step for Gestamp Wind in the U.S. energy market.”

Alberto Ramos, Managing Director of Banco Santander said: “This deal provided us with the opportunity to develop our activity in the renewable energy sector and to build strong relationships with relevant and experienced players in the U.S. market.”