Cordelio Power, a renewable power producer focused on the U.S. and Canada, has closed a construction loan facility and tax equity commitment for the Moraine Sands wind project, located in Mason County, Ill.
The 171 MW development will sell 100% of its power under a long-term agreement with Microsoft Corp.
The $301 million construction loan facility was provided by affiliates of MUFG, National Bank of Canada, Bank of Montreal and Export Development Canada. A portion of this facility will convert into a term loan when the project begins commercial operations.
The loan facility is supported by a $157 million tax equity commitment from JPMorgan Chase & Co., which will also fund when the project begins operating.
“I’d like to thank Microsoft, our relationship lenders and our new partner, JPMorgan, for joining us on this important project,” says Nick Karambelas, Cordelio’s chief commercial officer. “We also look forward to a strong, long-term relationship with the residents of Mason County, who now host two of our projects.”
Cordelio expects to complete construction of Moraine Sands later this year.