September 01, 2021
Invenergy Completes Construction Financing for Calhoun Solar
Calhoun Solar builds on Invenergy’s 708-megawatt wind operating portfolio in Michigan
CHICAGO (September 1, 2021) – Invenergy, a leading privately held global developer and operator of sustainable energy solutions, today announced the completion of term and construction financing for the 200-megawatt Calhoun Solar project, its first solar project in the state of Michigan.
CoBank, Natixis, and Export Development Canada acted as lead arrangers for the financing, which includes a construction loan that converts into a back-leverage term loan, sponsor bridge loan, and letter of credit facility.
Located in Calhoun County, the project is currently under construction and scheduled to begin commercial operation in 2022. The project will support approximately 300 jobs over the course of the construction period.
“Invenergy is proud to achieve construction financing for the Calhoun Solar project, an important step in bringing our first solar project in Michigan to fruition,” said Anneli Alers, Senior Vice President, Finance and Capital Markets at Invenergy. “The competitive credit facility structure for this project is a testament to Invenergy’s financing capabilities and strong track record with our valued lender partners.”
Invenergy has entered into three separate long-term power purchase agreements (PPA) with Michigan-based utilities for the output of the Calhoun Solar project. Consumers Energy will purchase 140 megawatts, Michigan Public Power Agency will purchase 50 megawatts, and Lansing Board of Water & Light will purchase 10 megawatts.
Invenergy prides itself on finding unique structures to bring wind and solar projects to completion with its customers, having contracted with a variety of counterparties including utilities, wholesale providers, and commercial and industrial (C&I) power purchasers across the US to support their efforts and audiences in reaching their sustainability goals.
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 29,000 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.
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Sophie Lee, Communications