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Avangrid Renewables closes tax equity deal for wind farm stake in New Mexico

Avangrid Renewables LLC on May 3 completed transferring a 100% passive membership stake in the 298-MW El Cabo Wind Project in New Mexico to JPM Capital Corp., Bankers Commercial Corp. and Antrim Corp.

The tax equity deal was one of the two transactions related to the wind project that the Federal Energy Regulatory Commission authorized on Dec. 1, 2017.

In the second transaction, Avangrid Renewables will transfer a 48.5% controlling membership stake in the project to an affiliate of Pattern Energy Group Inc. unit Pattern Energy Group LP, which currently holds a 1% controlling stake in El Cabo.

On May 9, the Avangrid Inc. subsidiary notified the commission that the second transaction has not been consummated. If and when the transaction closes, Avangrid Renewables will file a notice of consummation under FERC docket EC17-176.

The El Cabo wind project holds a 20-year power purchase agreement with Edison International subsidiary Southern California Edison Co.