August 20, 2009 -- Acciona Energy North America has completed $252 million in long-term financing for the Red Hills Wind Farm spread over 5,000 acres in Roger Mills and Custer counties, according to the Journal Record.

Long-term financing for the 123-megawatt wind farm, which began production in June, took advantage of the production tax credit renewed in February when President Obama signed the American Recovery and Reinvestment Act of 2009. The Journal Record reports Acciona’s financing for the wind farm north of Elk City is the first time this year investors have taken advantage of the production tax credit.

"While the tax credit investor and lending markets have experienced constrained capital availability, U.S.-based institutions are still committing to new renewable-energy project investments," Susan Nickey, Chief Financial Officer of Chicago-based Acciona Energy North American, tells the Journal Record. "We are pleased to have attracted a new commitment in 2009 to provide an equity structure from our investors utilizing the production tax credit for the Red Hills project."

The production tax credit encourages investment in renewable-energy projects, including wind, solar, geothermal and bioenergy. Qualifying companies are eligible for the production tax credit, which provides a benefit for the first 10 years of a renewable-energy facility’s operation.

The Red Hills Wind Farm is Acciona’s first renewable-energy project in Oklahoma. The company is planning two other wind farm projects in the western part of the state.