Country / Language

Reznick Capital Markets Closes Roth Rock Wind Farm Sale

Integrated Team Approach Yields Major Renewable Energy Client Win

July 28, 2011 (New York, NY) – Reznick Capital Markets (RCM), a wholly-owned subsidiary of top 20 national public accounting firm Reznick Group, today announced that it, along with an integrated Reznick Group team, closed the sale and financing of two wind farms on Backbone Mountain in western Md., known as Roth Rock and Roth Rock North. The Roth Rock Wind Farms total 50 megawatts and are designed to generate enough electricity to power nearly 11,300 homes in western Md.

The RCM and Reznick Group team provided advisory services to the seller, Synergics Energy Services, a long-time client of the firm. The buyer is Gestamp Wind North America, a subsidiary of Gestamp Renewables, and the renewable energy tax equity participant is U.S. Bancorp (NYSE: USB).

"The Roth Rock Wind Farm transaction is further evidence of the outstanding and comprehensive capabilities of Reznick Group's renewable energy practice," said Robert Sternthal, President of RCM. "From start to finish, and in just 120 days, the Reznick Group/RCM team identified the deal structure, the potential buyer and a tax equity partner." Sternthal added, "It's clear to see why Reznick Group has quickly established itself as one of the most innovative and respected accounting firms serving the renewable energy industry."

RCM and Reznick Group provided numerous services in support of the transaction. The team conducted the financial modeling for all parties to the transaction, provided tax and structuring advice, advised on Section 1603 eligibility, provided valuation services, negotiated a full set of transaction documents on the purchase and sale, and advised on the tax equity financing.

"The Reznick team was critical to the success of the transaction and assisted Synergics in the financial engineering of its portfolio of projects," said Wayne Rogers, Chairman of Synergics.

"We're excited to play a role in this large-scale wind transaction as U.S. Bancorp continues to be a driver of clean-energy growth," said Daniel Siegel, Assistant Vice President of Renewable Energy Investments for U.S. Bancorp. "We look forward to additional opportunities with Gestamp and appreciate Reznick Group's critical role in that partnership."

The transaction was completed due to the team effort involving Reznick Group's national renewable energy practice, national Valuation and Transaction Advisory Group (VTAG) and tax and business advisory professionals from the firm's Atlanta, Bethesda and Baltimore offices.

About Reznick Capital Markets

Reznick Capital Markets is a wholly owned subsidiary of Reznick Group, one of the top 20 public accounting firms in the United States. The subsidiary has access to Reznick Group's large national network of real estate owners and operators, as well as renewable energy clients, and is known for bringing outstanding sponsors and capital contributors together around solid transactions. For more information, visit

About Reznick Group

Reznick Group is a top 20 national public accounting firm providing accounting, tax and business advisory services to clients nationwide. The firm's industry experience includes affordable housing, financial services, renewable energy, nonprofits, professional services, commercial real estate and technology. For more information, visit

About Gestamp Renewables

Gestamp Renewables (, a division of Corporacion Gestamp, is an industrial group that operates and supplies components within the renewable energy sector. Since 2005, Gestamp Renewables has aspired to position itself as an international leader within the renewable energy sector using a unique and integrated business model encompassing the entire value chain – from the manufacture and supply of components to the promotion, construction, maintenance, operation and development of wind (Gestamp Wind), solar (Gestamp Solar) and biomass (Gestamp Biomass) energy projects.

About Synergics

Synergics is a developer of renewable energy facilities using wind, hydropower and solar resources. Founded in 1980, the firm has completed over 30 renewable energy projects in 10 states and 13 foreign countries.

About U.S. Bancorp

U.S. Bancorp, with $321 billion in assets as of June 30, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,086 banking offices in 25 states and 5,086 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust andpayment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at

U.S. Bancorp is a recognized leader in financing a variety of renewable energy projects, building on its experience in other tax credit equity investments, including affordable housing, new markets, and historic tax credit investments. U.S. Bancorp has committed more than $540 million of renewable energy tax equity to finance over $1 billion of renewable energy projects in the United States primarily in the solar market, and in select opportunities in the wind energy market. Visit U.S. Bancorp on the web at

Search Our People

Search Our People

Look ahead. Gain insight. Imagine more. Is your business ready to break through?

View our new TV commercial..

Industry Outlooks

Industry Outlooks

Gain insight into what is ahead for the Commercial Real Estate, Technology and Middle Market Private Equity industries.


Learn about our upcoming events.


Working With Us

Working With Us

What makes CohnReznick different from others in our profession? And what should our clients come to expect when working with us? The answer is The CohnReznick Advantage. Contact us to learn how we can out the CohnReznick Advantage to work for your business.


The value of an organization is determined by the skills and qualities of its leaders. With more than 280 partners serving clients nationwide, CohnReznick is renowned for the diverse experiences, knowledge and backgrounds of its leadership.

Learn More


We align our services in three segments: Accounting and Assurance, Tax, and Advisory. This approach allows us to provide holistic solutions to complex business problems and to seize upon opportunities requiring an integrated approach.

Learn More


Accounting and tax issues different significantly based on an organization's industry. We provide clients with expertise in nearly two dozen industries – we know the opportunities, the obstacles, the competitive landscape.

Learn more


CohnReznick professionals are thought leaders in their industries. Clients benefit from relevant and timely economic, legislative and industry insights that can keep them a step ahead of competition.

Learn More

Global Reach

Our involvement in the Nexia International network of firms enables us assist our clients wherever they do business-providing local expertise and connections wherever they needed. Nexia is comprised of 20,000 professionals operating in over 100 countries.

Learn More