CHICAGO – June 24, 2010 – Invenergy Wind LLC (“Invenergy”) announced the successful closing of project financing for its Beech Ridge Energy wind farm. This follows the closing of project financing for its Vantage Wind Energy and Raleigh Wind Energy Centre projects earlier this year. All three projects are expected to be operational in 2010.
Natixis, New York Branch and Dexia Credit Local acted as Mandated Lead Arrangers for the Beech Ridge credit facilities and underwrote a construction loan, term loan and grant bridge loan. Natixis will act as Administrative Agent.
The 100.5 MW Beech Ridge project, located in Greenbrier and Nicholas Counties, WV, is currently under construction and will be completed in August 2010. The Beech Ridge project will interconnect with Allegheny Power and will sell its output under a 20 year renewable energy purchase agreement with Appalachian Power Company, a subsidiary of American Electric Power. The Beech Ridge project will be powered with 67 General Electric 1.5MW SLE wind turbines.
The New York branches of UniCredit Bank, Dexia Credit Local and Rabobank Nederland acted as Lead Arrangers for the Vantage project financing, underwriting construction, term and grant bridge loans. UniCredit Bank is the project’s Administrative Agent.
The 90 MW Vantage project, located in Kittitas County, Washington, is currently under construction and is expected to be operational in October 2010. Vantage interconnects with Puget Sound Energy and will ultimately sell its output to Pacific Gas & Electric, pursuant to the terms of a 15-year power purchase agreement. The Vantage project utilizes 60 General Electric 1.5MW SLE wind turbines.
Manulife Financial acted as Lead Arranger and Administrative Agent for the Raleigh Wind credit facilities. Manulife arranged a syndicate of lenders that include Sun Life Assurance Company of Canada and Ontario Pension Board Investments Inc. and that provided construction and term loans for the project.
The Raleigh Wind farm is a 78 MW project located in Chatham-Kent, Ontario that is currently under construction and expected to be operational in December 2010. The project will interconnect with Hydro One Networks, Inc. and sell its output under a 20 year Renewable Energy Supply III Contract with the Ontario Power Authority. The project will consist of 57 General Electric 1.5MW XLE wind turbine generators.
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Contact
Joe Condo
312-582-1465