St. Louis-based Wind Capital Group has closed financing on the 150 MW Lost Creek Wind Project in DeKalb County, Mo. A group of international leaders in project finance lending is providing $240 million in debt facilities to support the construction and operation of the project.
Mandated lead arrangers for the financing included Nord/LB, Bayern LB, Rabobank, Santander and Union Bank. The debt facilities consist of a construction loan, term loan and letter of credit facility. The deal is one of the first transactions under which the investment tax credit grant proceeds under the American Recovery and Reinvestment Act of 2009 were financed.
The project is using 100 GE 1.5 MW wind turbines and 100 ABB transformers, which will be built by United Auto Workers in Jefferson City, Mo. Construction on Lost Creek – the first project Wind Capital Group will own and operate – began in July and is projected to be completed in late spring 2010.
Power generated from the project, which is expected to provide 2,500 jobs through the supply chain, will be fed into NW Electric Cooperative transmission lines. NW Electric is a member of Associated Electric Cooperative Inc., which is buying the power under a 20-year power purchase agreement.
SOURCE: Wind Capital Group