Invenergy has announced the successful refinancing of the 110.4 MW Gratiot County Wind Project, located near Breckenridge, Mich.
Invenergy, which owns the majority interest, is the managing member of the wind farm. The facility is operated and maintained by Invenergy Services LLC.
Natixis, Norddeutsche Landesbank, Zions Bancorporation and Siemens Financial Services served as joint lead arrangers for the transaction. Natixis acted as the administrative agent, collateral agent and LC issuing bank.
“We are pleased to complete this refinancing with a combination of both existing and new lenders to the Gratiot project,” states Steve Ryder, chief financial officer of Invenergy. “Their support underscores the confidence of sophisticated financial institutions in our operating and asset management capabilities and the strength of the project’s fundamentals.”
Gratiot County Wind has been in operation since 2012 and consists of 69 1.6 MW GE wind turbines. The project output is sold directly to DTE Energy under a 20-year power purchase agreement expiring in 2032.