CHICAGO, IL - (March 29, 2012) – Invenergy Solar LLC (“Invenergy”) announced today the successful closing of project financing for its 20 MW Grand Ridge Solar energy project thatcurrently is under construction in LaSalle County, Illinois.
Union Bank, N.A. acted as the lead arranger and lender for the transaction which included construction, bridge, and term loans.
“Invenergy is pleased to complete this financing for our Grand Ridge Solar facility,” said Jim Murphy, Invenergy’s Chief Financial Officer and Chief Operating Officer. “This will be the first of our solar projects to be placed in service and, together with our existing base of wind and natural gas-generation facilities, further diversifies our portfolio of clean energy assets.”
Upon completion this year, Grand Ridge Solar will be the largest solar farm in the Midwest and will be able to produce enough energy to power approximately 2,900 homes. The project will feature advanced photovoltaic (PV) solar modules supplied by GE. The output from Grand Ridge Solar will be purchased by ComEd through a long-term agreement signed in 2010, the result of a competitive solicitation held by the Illinois Power Agency.
The Grand Ridge Solar project site is located nearby the company’s Grand Ridge wind project.
About Invenergy
Invenergy and its affiliated companies develop, own and operate large-scale renewable and other clean energy generation facilities in North America and Europe. Invenergy is committed to clean power alternatives and continued innovation in electricity generation. Invenergy's home office is located in Chicago with regional development offices located throughout the United States, Canada, and Europe.
As the nation's largest independent wind power generation company, Invenergy and its affiliated companies currently have over 6,600 MW of wind, solar and thermal projects under contract, in construction or in operation. For more information, please visit www.invenergyllc.com. ###
Contact
Alissa Krinsky
Director of Communications
312-582-1554
akrinsky@invenergyllc.com