CHICAGO – March 17, 2008 – Invenergy Wind LLC (“Invenergy”) announced thesuccessful closing of construction loans and equity financing for its Middle-South Wind Holdings portfolio. Middle-South consists of the 150MW McAdoo Energy wind farm in Dickens County, east of the town of Lubbock, Texas and the 99MW Grand Ridge Energy wind farm in La Salle County, Illinois, about 80 miles southwest of Chicago. Both facilities are currently under construction.
Construction debt facilities were underwritten by Bayerische Hypo- Und Vereinsbank AG,a unit of UniCredit Group. GE Energy Financial Services committed long-term equity investment in the portfolio.
The McAdoo project will interconnect with AEP Texas North Company, and will sell its output to the ERCOT wholesale market. The Grand Ridge project will interconnect with ComEd and will sell its output to the PJM wholesale market. Both projects have entered into long-term agreements with Credit Suisse Energy to hedge energy price volatility.
The McAdoo and Grand Ridge wind farms will be powered with GE 1.5MW SLE windturbines. Construction of McAdoo is being managed by DH Blattner & Sons, while construction of Grand Ridge is being managed by Invenergy. Full commercial operationof the facilities is scheduled for the third quarter of 2008. The wind farms will be owned and operated by Invenergy.
Strong support from officials with Dickens County and the Spur Independent School District was instrumental in helping the McAdoo project move forward on a fast trackbasis. The Grand Ridge project is Invenergy’s first wind farm in Illinois. Officials with LaSalle County, with Brookfield, Allen, Grand Rapids and Otter Creek Townships and with Exelon Corporation all provided key support to this project.
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Contact
Joseph Condo
312.506.1465