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Quincy, Mass.-based Meridian Clean Fuels and its broker-dealer affiliate, Meridian Investments, have announced the completion of White Creek Wind I, a 205 MW wind farm in Klickitat County, Wash., using a "power prepay" financing structure.

The wind project was developed by four publicly owned utilities, Cowlitz County Public Utility District (PUD), Klickitat County PUD, Lakeview Light & Power and Tanner Electric Co-op, to provide renewable electric power to their customers and other utilities in the Northwest.

Meridian Clean Fuels and a group of advisors were responsible for structuring the power prepay transaction so that the utilities could benefit from tax credits associated with wind power, resulting in a lower cost of power.

Meridian arranged the tax equity financing, which was ultimately placed with Lehman Brothers and Prudential Capital Group. HSH Nordbank AG provided construction financing for the project.

Hybrid Energy Innovations 2015

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