Minnesota community wind developer Project Resources Corp. (PRC) has closed construction financing with Union Bank for the 25.3 MW Ridgewind Project located in Woodstock, Minn.
PRC developed the project and will manage the project through construction. Union Bank arranged and underwrote a $51 million construction financing, which will be repaid by a sale-leaseback with an affiliate of Union Bank soon after commercial operations. Miracol Energy LLC of New York advised PRC in the financing. The project is expected to utilize the cash grant.
The construction to lease financing utilizing the cash grant is the first of its kind in the wind energy industry.
SOURCE: Project Resources Corp.
