Invenergy Wind LLC says it has closed debt financing for its 200 MW California Ridge wind energy project, which is currently under construction in central Illinois.
The financing included construction, bridge and term loans and a letter of credit facility, and was allocated across a bank tranche and an institutional tranche. Santander/Sovereign Bank acted as lead arranger and global coordinator, and Rabobank was syndication agent and letter-of-credit issuer. Union Bank, RBC Capital Markets and Lloyds were co-documentation agents.
Prudential Capital Group led the institutional tranche of the facility and acted as structuring and documentation adviser. Allstate also participated in the institutional tranche.
The California Ridge project is located northwest of Danville, Ill., in Champaign and Vermilion counties, and will feature 134 GE 1.6 MW wind turbines.
White Construction will be responsible for the turbine erection and other balance-of-plant work, and Henkels & McCoy will perform the construction of the project's transmission line and substation. GE will provide certain construction management services for the substation work, and the project will be operated by Invenergy Services LLC.
The project is scheduled to be completed later this year, and the energy produced by the wind farm will be purchased by the Tennessee Valley Authority under a long-term power purchase agreement.