Edison Mission Energy Closes $75 Million Financing For High Lonesome Project

Edison Mission Energy (EME), a subsidiary of Edison Mission Group, has closed a $75 million debt financing for its High Lonesome Mesa wind project that was commissioned in July 2009.

EME funded the balance of project costs with an equity contribution and a Treasury cash grant.

The project features 40 Clipper Windpower turbines, and its output is sold via a power purchase agreement with Arizona Public Service.

According to EME, the financing package consists of $50 million of bonds issued by the New Mexico Renewable Energy Transmission Authority (NMRETA), with proceeds loaned to the High Lonesome project and $25.255 million issued directly by the project.

The NMRETA issuance was sized to reimburse High Lonesome for transmission-related expenditures, including transmission lines owned by the project, substation equipment and upgrades to Public Service of New Mexico's transmission system.

George K. Baum & Co. served as the placement agent. Macquarie Bank Ltd purchased all of the bonds at closing.

SOURCE: Edison Mission Group


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