March 24, 2021
Invenergy Completes Largest Construction Financing for the Nation’s Largest Wind Project
The 999-megawatt Traverse Wind Energy Center is the largest of three wind energy projects being developed in Oklahoma by Invenergy for AEP collectively known as the North Central Wind Energy Facilities, totaling 1,485 megawatts
The 287-megawatt Maverick Wind Energy Center and 199-megawatt Sundance Wind Energy Center achieved financial close at the end of 2020
CHICAGO (March 24, 2021) – Invenergy, a leading privately held global developer and operator of sustainable energy solutions, today announced that it completed construction financing for its largest wind energy development to date, the 999-megawatt Traverse Wind Energy Center, on March 1, 2021.
Located in Custer, Blaine, and Kingfisher Counties, Traverse is the largest of three wind energy projects being developed by Invenergy as part of the 1,485-megawatt North Central Wind Energy Facilities. Santander, MUFG, Natixis, SMBC, and CIBC acted as coordinating lead arrangers for the financing, which includes a construction loan and letter of credit. GE Energy Financial Services, a global energy investor, is a partner in the project.
The other two projects—287-megawatt Maverick Wind Energy Center in Major, Garfield and Kingfisher Counties and the 199-megawatt Sundance Wind Energy Center in Woods and Major Counties—both achieved financial close in December 2020. Rabobank, CoBank, KeyBanc, and NordLB acted as lead arrangers for both financings, which each include a construction loan and letter of credit.
All three projects are currently under construction, and American Electric Power (AEP) will assume ownership of the three wind farms upon start of commercial operations to serve customers of subsidiaries Southwestern Electric Power Company (SWEPCO) and Public Service Company of Oklahoma (PSO). Sundance is expected to begin commercial operations this spring, Maverick later this year, and Traverse in early 2022.
“The close of construction financing for the Traverse Wind project, Invenergy’s largest wind development to date, is a significant milestone,” said Meghan Schultz, Senior Vice President, Finance and Capital Markets at Invenergy. “This transaction, in addition to the recent Maverick and Sundance financial closings, is a testament to Invenergy’s strong lender relationships and financing capabilities as well as the compelling value of wind investments.”
The three projects represent a combined $2 billion capital investment in north central Oklahoma, directly investing in the local economy through new tax revenues and lease payments to participating landowners. The complete projects will generate enough electricity to power 440,000 American homes.
Invenergy Services, a subsidiary of Invenergy, will provide Operations and Maintenance, Balance of Plant, Energy Management, and Asset Management services under a 10-year agreement, adding to the 10-gigawatt global sustainable energy project portfolio it manages.
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 27,000 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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