Chicago-headquartered Invenergy Wind LLC has closed construction and equity financing for the 120 MW expansion of its Camp Springs Wind Energy Center in Scurry County, Texas. The construction loans were provided by Prudential Capital Group and JPMorgan Chase Bank N.A. The equity will be provided by a consortium of investors led by JPMorgan Capital Corp., including affiliates of JPMorgan, Prudential Capital Group, Morgan Stanley, Northwestern Mutual, Wells Fargo and Invenergy.
‘We are very pleased to complete another unique financing,’ says James Murphy, chief financial officer of Invenergy. ‘By utilizing a common investor group across the construction and permanent capital sources, we were able to streamline the financing process and realize significant savings in transaction costs.’
Invenergy says the expansion will be completed in early 2008 and will bring the project to 250.5 MW. The Camp Springs expansion interconnects with Oncor, the transmission affiliate of TXU, and all power will be sold into the Electric Reliability Council of Texas market. Energy price risk for the expansion is hedged through Credit Suisse Energy.
