Edison Mission Energy (EME), a subsidiary of Edison Mission Group, says it has closed a $242 million financing arrangement for a portfolio of three contracted wind energy projects representing 204 MW of generation capacity.
The wind projects in the portfolio include two sites operating in Oklahoma: the Taloga project, commissioned earlier this year with a gross generating capacity of 130 MW, and the Buffalo Bear project, commissioned in 2008 with a gross generating capacity of 19 MW.
The third site in the portfolio is the Pinnacle project, whose construction is nearing completion in West Virginia. This project will have a gross operating capacity of 55 MW when it is operational. The projects sell electricity generated to utilities and public-agency customers under long-term power purchase agreements.
The financing package consists of a 10-year, $214 million, fully amortizing term loan facility, and 10-year letter of credit and working capital facilities totaling $28 million. Approximately $96 million of the credit facilities related to the Pinnacle project will be available when the project achieves certain completion milestones.
EME expects construction to be completed and the requirements to be satisfied in the first quarter of 2012. Funding available from the term loan facility when drawn will be distributed to EME for general corporate purposes, net of transaction costs, the company notes.