Renewable Energy Systems Americas Inc. (RES Americas) has secured project financing totaling $508 million for two wind farms.
Specifically, the developer closed a $222 million construction loan for the 150 MW Border Winds Project in Rolette County, N.D., and a $286 million construction loan for the 200 MW Pleasant Valley Wind Project in Mower and Dodge counties, Minn.
Bayerische Landesbank, New York Branch (BayernLB) and Societe Generale acted as the joint lead arrangers, coordinating lead arrangers and joint bookrunners for both transactions. Additionally, Landesbank Hessen-Thuringen Girozentrale, New York Branch, MUFG Union Bank N.A. and CoBank, ACB acted as mandated lead arrangers for both deals. Societe Generale is administrative agent and collateral agent for Border Winds, while BayernLB serves as such agents for Pleasant Valley.
‘We appreciate the dedication, creativity and financial strength that BayernLB, Societe Generale, and the rest of the bank groups have brought to these transactions,’ says Seth McIntosh, vice president of RES Americas. ‘Having these global institutions on the Border Winds and Pleasant Valley teams is a key to the success of these projects.’
RES Americas is the developer and engineering, procurement, and construction (EPC) contractor of Border Winds and Pleasant Valley projects, which will utilize 175 V100-2.0 MW Vestas turbines. Upon completion, RES Americas will transfer the projects to Xcel Energy, which will own and operate them.