Invenergy has arranged project financing for its 16 MW Marsh Hill Wind Energy Center, which currently is under construction in New York.
Rabobank acted as the sole lead arranger, administrative agent and collateral agent for the transaction. Tax equity commitments also were completed in connection with this project.
Marsh Hill is located in the town of Jasper in Steuben County, and the facility will consist of 10 GE 1.6-103 MW wind turbines. Invenergy says it expects the project to begin commercial operation in the fourth quarter of this year.
Following a competitive process, the New York State Energy Research and Development Authority (NYSERDA) has committed to purchase renewable energy credits generated with each megawatt-hour produced from Marsh Hill for 10 years. Electricity produced by the project, meanwhile, will be sold into the wholesale markets managed by the New York Independent System Operator.
"We're pleased to complete the project financing for our third wind power generation project in New York," comments Jim Murphy, chief financial officer and chief operating officer at Invenergy. "The Marsh Hill transaction represents the latest wind project financing in a robust banking relationship between Rabobank and Invenergy. We appreciate Rabobank's long-term support of our renewable energy business."
Invenergy's two other New York wind power generation facilities both are located in Wyoming County. The 112.5 MW Sheldon Wind Farm began operation in 2009, and the 94 MW Orangeville Wind Farm became operational earlier this year.