Tax-Equity Facility Arranged By Morgan Stanley For NaturEner Will Benefit Wind Farm

Posted by NAW Staff on August 31, 2009 No Comments
Categories : New & Noteworthy

San Francisco-based NaturEner USA LLC, a subsidiary of Grupo Naturener SA, has closed on a $117.5 million construction loan and a $120 million tax-equity facility arranged by Morgan Stanley for NaturEner's Glacier II wind farm outside Ethridge, Mont. The wind farm is expected to be placed in service in October.

Glacier II is expected to supply 103.5 MW of wind energy at full production, employing a total of 69 1.5 MW wind turbines. Glacier II is adjacent to NaturEner's existing Glacier I wind farm, and the combined capacity of the sister facilities is 210 MW of wind energy.

New York-based Capstar Partners acted as exclusive financial adviser to NaturEner on the placement of the tax equity. Chadbourne & Parke LLP acted as legal advisor to NaturEner. Dewey & LeBoeuf LLP acted as legal advisor to Morgan Stanley.

‘To be able to close a transaction of this size in the current market required the unwavering commitment of all parties and flexibility to use the funding structures such as the [investment tax credit] and cash grant now available for wind under the American Recovery and Reinvestment Act of 2009,’ says Alfredo Cahuas, chief financial officer of NaturEner USA.

NaturEner is developing additional wind energy facilities representing approximately 1,800 MW of aggregate nameplate capacity in Montana and the western U.S., as well as in Alberta, Canada, via its affiliate, NaturEner Energy Canada Inc.


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