ENGIE North America Inc. has signed construction and tax equity financing, as well as a power hedge, for the 200 MW Live Oak Wind Project in west Texas.
Located near San Angelo in Schleicher County, Live Oak is part of the Infinity Renewables portfolio recently acquired by ENGIE North America. Live Oak is scheduled to be online by the end of this year.
ENGIE North America secured $147 million in construction financing and $155 million in tax equity financing for the project through Bank of America Merrill Lynch (BofAML). Rabobank provided a letter of credit, and BofAML Global Commodities provided the power hedge.
In addition, ENGIE North America’s affiliate, ENGIE Energy Marketing NA Inc. developed an off-take agreement with BofAML Global Commodities for 50% of the hedged power to serve commercial and industrial customers.
“We’re pleased to enhance the Live Oak project’s value with a competitive financing package and long-term off-take agreement,” says Matt Riley, senior vice president and head of U.S. wind development at ENGIE North America. “We look forward to replicating both elements in our future projects as we grow our large-scale renewable portfolio here in the United States.”
