New York-based Terra-Gen Power LLC has closed a $115 million initial funding of a $140 million pre-construction financing used to fund the purchase of 100 1.5 MW GE SLE wind turbines. The wind turbines will be deployed in the development of the 150 MW Alta Wind I wind project in the Tehachapi, Calif., area.
The commitments were funded by a lender group composed of Calyon, Prudential Capital Group and CIT. Calyon acted as lead arranger and administrative agent for the lenders, with Prudential Capital Group serving as documentation advisor.
The Alta Wind I project represents the first phase in the development of the Alta Wind Energy Center, a 3,000 MW initiative.
The Alta Wind Energy Center has signed a power purchase agreement to sell 1,550 MW to Southern California Edison (SCE). The power will be transported from the Tehachapi area to Southern California via SCE's Tehachapi Renewable Transmission Project.
Alta Wind I is owned by California Highwind Power, an affiliate of Terra-Gen Power and ArcLight Capital Partners LLC. Terra-Gen Power, an affiliate of ArcLight, is a developer of renewable energy focused on wind, geothermal and solar generation.
SOURCE: Terra-Gen Power LLC