Escondio, Calif.-based enXco, an EDF Energies Nouvelles company, has closed on the project financing for the Shiloh II wind energy project, under construction in the Montezuma Hills wind resource area of Solano County, Calif. Lenders to the projects are Dexia and Credit Industriel et Commercial, and Nord/LB as lead administrative agent. Equity was arranged by JPMorgan as lead investor, with Wells Fargo and New York Life rounding out the investor group.
‘Bringing the financing to completion during this current financial crisis is testimony to the quality of our projects as well as to the long-term relationship with our financial partners,’ says Tristan Grimbert, president and CEO of enXco. ‘Even though funding is scarce, this further confirms that first class, high-quality projects will succeed.’
Construction of the 150 MW wind farm – consisting of 75 2 MW REpower wind turbines – commenced in May, with commercial operation expected in December.
Pacific Gas & Electric will purchase the power generated under a 20-year power purchase agreement. The Shiloh II wind farm will be operated and maintained by enXco Service Corp.