Wind energy developer Wind Capital Group says it has closed on financing for the 201 MW Post Rock Wind Energy Project, located in central Kansas. The project finance lenders are providing over $350 million in debt facilities to support the construction and operation of the project.
The financing consists of a $293 million construction loan, $63 million in term loan financing and a $20 million letter of credit facility. BayernLB and Rabobank acted as joint bookrunners for the construction loan, along with two other mandated lead arrangers, Nord LB and Union Bank NA. BayernLB and Rabobank also acted as co-bookrunners and mandated lead arrangers for the term loan, and Rabobank provided the letter of credit facility.
Construction on the Post Rock project, which will utilize GE 1.5-82.5 wind turbines, began last year, and the wind farm is scheduled to come online in the second half of this year. Kansas-based electric utility Westar Energy will purchase the power generated by the project under a 20-year power purchase agreement.