CHICAGO – January 6, 2009 – Invenergy Wind LLC (“Invenergy”) announced the success fulclosing of debt and equity financing for its subsidiary, Coastal States Wind Holdings LLC, which consists of the 169.5 MW Turkey Track Energy Center in Nolan, Coke and Runnels counties, Texas, southwest of Abilene; the 72 MW Willow Creek Energy Center in Morrow and Gilliam counties, Oregon, located near Ione; and the 112.5 MW High Sheldon Wind Farm in Wyoming County, New York, approximately 40 miles from Buffalo.
The financing includes construction loans underwritten by Bayerische Hypo- und VereinsbankAG, New York Branch; and equity investment commitments from IIF Coastal Winds Investment LLC, an entity advised by JP Morgan Asset Management; and from a consortium of investors ledby JP Morgan Capital Corporation, which includes affiliates of J.P. Morgan, Wells Fargo and Union Bank N.A. “We are pleased to complete this financing with these premier investors. Notwithstanding constraints on capital availability in the current market, we expect well-structured projects like these to attract the necessary financing,” said Jim Murphy, Invenergy’s CFO.
The Turkey Track Energy Center has 113 GE 1.5 MW SLE turbines and began full commercial operation with power sales into the ERCOT wholesale market in December 2008. The Willow Creek Energy Center will include 48 GE 1.5 MW SLE turbines and will sell its output to the Los Angeles Department of Water and Power under a long-term contract beginning in January 2009. The High Sheldon Wind Farm will consist of 75 GE 1.5 MW SLE turbines, which are scheduled for commissioning in January and full commercial operation in February 2009. The High Sheldon project will sell its output into the New York ISO market.
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Contact
Susan Dennison
312.224.1423