NADB-funded Ocotillo Express wind project receives "Deal of the Year" recognition
San Antonio, Texas. – The North American Development Bank (NADB) has received special recognition from Power Finance & Risk magazine for its involvement in the Ocotillo Express Wind Energy Project, which has been named “Renewable Project Finance Deal of the Year,” as part of the publication’s 10th Annual Power Finance Deals and Firms Awards. Power Finance & Risk is a weekly publication of Power Intelligence, a leading news source in the power industry.
The Ocotillo Express project is located in Imperial County, California, about 5 miles west of the unincorporated community of Ocotillo and 26 miles west of the city of El Centro, and consists of a 265.4 megawatt (MW) wind farm, using 112 wind turbines. The project benefits the residents of San Diego County, where the power generated by the project will be consumed, by increasing installed capacity of renewable energy resources, reducing the demand on traditional fossil fuel-based energy production and contributing to the displacement of greenhouse gas emissions. The wind farm provides sufficient electricity for the equivalent of more than 120,000 households. NADB along with Deutsche Bank, RBC Capital Markets, Societe Generale, KeyBank, Royal Bank of Scotland, and Nord/LB provided total funding of $600 million for the project; $110 million of the total being NADB funding. The project was certified by the Border Environment Cooperation Commission (BECC) in October 2012.
Citing voters’ remarks with regard to the project, Power Finance & Risk reports that Ocotillo is the “first project to deliver power over the Sunrise Power Link and has also received awards from the National Association of Environmental Professionals and the California Association of Environmental Professionals for outstanding environmental analysis.”
Since inception, NADB has contracted US$2.10 billion in loans and grants for 176 projects throughout the U.S.-Mexico border region. These projects are estimated to have a total cost of US$5.43 billion and will benefit an estimated 17.2 million border residents when fully constructed . .
The North American Development Bank is a financial institution established and capitalized in equal parts by the United States and Mexico for the purpose of financing environmental infrastructure projects along their common border. As a pioneer institution in its field, the Bank is working to develop integrated, sustainable and fiscally responsible projects with broad community support in a framework of close cooperation and coordination between Mexico and the United States.