August 06, 2020
Invenergy and CoBank Complete Construction Financing for the Prineville and Millican Solar Energy Centers
CHICAGO (August 6, 2020) – Invenergy, a leading privately-held global developer and operator of sustainable energy solutions, and CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced the completion of construction financing for two solar projects totaling 100 megawatts, Prineville and Millican Solar Energy Centers.
CoBank acted as sole Lead Arranger and Administrative Agent for the financing, which includes a construction loan, letter of credit facility, and back-leverage term loan.
Located in Crook County, Oregon, Prineville and Millican are under construction and scheduled to be operational at the end of 2020. The projects together will support approximately 200 jobs over the course of the construction period.
The projects are contracted under long-term power purchase agreements (PPAs) with PacifiCorp, a partnership which was announced in 2018 to support Facebook’s data center in Prineville, Oregon, with new solar power.
“We are pleased to have reached financial close for our Prineville and Millican Solar projects, which represents the latest milestone in the over 15-year relationship between Invenergy and CoBank,” said Meghan Schultz, Senior Vice President, Finance and Capital Markets at Invenergy. “Completion of this financing is evidence of Invenergy’s strong lender relationships as well as our ability to execute in these unique market conditions.”
We are innovators building a sustainable world. Invenergy and its affiliated companies develop, own, and operate large-scale sustainable energy generation and storage facilities in the Americas, Europe and Asia. Invenergy's home office is located in Chicago, and it has regional development offices in the United States, Canada, Mexico, Colombia, Japan, Poland and Scotland. Invenergy has successfully developed more than 25,000 megawatts of projects that are in operation, construction or contracted, including wind, solar, and natural gas power generation facilities as well as advanced energy storage projects. For more information, please visit www.invenergy.com.
CoBank is a $158 billion cooperative bank serving vital industries across rural America. The bank provides commercial loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 70,000 farmers, ranchers and other rural borrowers in 23 states around the country.
CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.
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Donya Mansoubi, Manager, Communications
Jo Solonika, Vice President, Corporate Communications