Excelsior Energy Capital, an independent North American renewable energy investor, says its North American Renewable Energy Fund has completed the acquisition of 90.1% of Invenergy’s sponsor equity interests in the combined 109 MW Prairie Breeze II and Prairie Breeze III wind projects.
The two projects have 25-year power purchase agreements with Lincoln Electric Systems and the City of Grand Island, with remaining contract terms of more than 21 years. Bank of America Merrill Lynch is the tax equity investor and, as of the signing, have no debt in place. The projects use the GE 1x Hybrid class turbine.
Both projects are located in Nebraska.
Concurrent with the acquisition closing, Excelsior closed on back-leverage financing for the projects with NORD/LB.
“Excelsior is pleased to close on the acquisition of the Prairie Breeze II and III wind project interests from Invenergy, along with the supporting debt financing with NORD/LB,” says Ryan Fegley, an Excelsior partner. “Both closings are further examples of Excelsior’s ability to execute on its strategy to acquire and finance high-quality renewable power projects with stable, long-term contracted cash flows.”
Invenergy will remain as part-owner of the sponsor equity interests, and Invenergy Services will continue to provide operations and maintenance and asset management services through a long-term contract.
Invenergy Services says it operates and maintains one of the largest fleets of GE turbines in the U.S.