Chicago-based Invenergy Wind LLC has successfully closed the debt and equity financing for its subsidiary, Coastal States Wind Holdings LLC, which consists of the 169.5 MW Turkey Track Energy Center in Nolan, Coke and Runnels counties, Texas; the 72 MW Willow Creek Energy Center in Morrow and Gilliam counties, Ore.; and the 112.5 MW High Sheldon Wind Farm in Wyoming County, N.Y.
The financing includes construction loans underwritten by Bayerische Hypo-und Vereinsbank AG, New York Branch; and equity investment commitments from IIF Coastal Winds Investment LLC, an entity advised by J.P. Morgan Asset Management; and from a consortium of investors led by JPMorgan Capital Corp., which includes affiliates of J.P. Morgan, Wells Fargo and Union Bank NA.
‘We are pleased to complete this financing with these premier investors. Notwithstanding constraints on capital availability in the current market, we expect well-structured projects like these to attract the necessary financing,’ said Jim Murphy, Invenergy's CFO.
The Turkey Track Energy Center has 113 1.5 MW GE SLE turbines and began full commercial operation with power sales into the Electric Reliability Council Of Texas wholesale market in December 2008.
The Willow Creek Energy Center will include 48 1.5 MW GE SLE turbines and will sell its output to the Los Angeles Department of Water and Power under a long-term contract beginning this month.
The High Sheldon Wind Farm will consist of 75 1.5 MW GE SLE turbines, which are scheduled for commissioning this month, with full commercial operation beginning in February. The High Sheldon project will sell its output into the New York ISO market.
SOURCE: Invenergy Wind LLC