NextEra Energy Resources LLC, a subsidiary of FPL Group Inc., has announced that its subsidiary – Heartland Wind II LLC – has obtained $343 million in financing for 298.5 MW of wind energy projects in North Dakota and Iowa.
The limited-recourse term loan, which has a variable interest rate and matures in May 2017, is secured by the wind farms. NextEra Energy Resources intends to use the proceeds of the loan to reimburse, in part, capital contributions made by NextEra Energy Resources to develop and build both the wind assets and associated transmission lines.
‘While markets remain challenged, the strong response by a broad group of banks provides further validation to our model of building quality projects supported by sound economics,’ says Armando Pimentel, chief financial officer of FPL Group.
The loan is secured by liens on the wind generation assets and associated transmission facilities and the ownership interest in Heartland Wind II.
SOURCE: NextEra Energy Resources LLC