Chicago-based Invenergy recently completed construction financing for its 132 MW Bishop Hill III Wind Energy Center in Henry County, Ill.
Rabobank and NORD/LB acted as joint lead arrangers for the construction loan. Rabobank also acted as administrative agent and provided a letter of credit facility in support of the project.
Bishop Hill III Wind Energy Center is currently under construction and is scheduled to begin commercial operations by mid-2018, creating more than 150 jobs during construction and up to six full-time, permanent jobs once operational. The project will generate more than $10 million in local economic benefits through its first 10 years of operation through tax payments, lease payments to participating landowners, and wages and benefits for employees, says Invenergy.
“We are pleased to have reached financial close for our Bishop Hill III project, which will help deliver clean, reliable energy to WPPI Energy’s member utilities and customers,” comments Jim Murphy, president and chief operating officer of Invenergy.
In August, the company announced that WPPI Energy entered into a power purchase agreement to buy electricity from the facility through mid-2040. The agreement will help WPPI serve its 51 member utilities and their customers across Wisconsin, upper Michigan and Iowa. With 53 turbines, the wind farm will be able to power as many as 53,000 homes and businesses.
The project represents the third phase of Invenergy’s Bishop Hill Energy Center in Henry County, following the 211.4 MW Bishop Hill I and 81 MW Bishop Hill II wind projects.